Optimism transaction volume hits new highs: Can OP remain positive?

Optimism saw an enormous boost in deal volume as it trended above its seven-day Moving Typical.
Optimism [OP] has actually likewise been drawing in a high variety of everyday active addresses.

According to a 16 January tweet by crypto analytics firm Delphi Digital, Optimism [OP] has actually seen high deal volumes. As far as the information revealed, just Ethereum’s [ETH] mainnet had a greater volume of deals. Optimism ranked greater than another Ethereum Layer 2 network Arbitrum.pic.twitter.com/toXJqNH53i

Daily deals on January 16, 2023

and [OP] integrated were just 16K deals brief of Ethereum’s overall everyday deals on January 7th.

— Delphi Digital (@Delphi_Digital)

Read Optimism’s

Rate Forecast 2023-24

Dune Analytics’ everyday deal information analysis assists offer a clearer image of the volume Optimism has actually been drawing in just recently. Considering that December 2022, everyday deals have actually been on an upward pattern, trading above the seven-day Moving Typical. The volume of deals in January went beyond last year, recommending more regular usage of the scaling network.

Source: Dune Analytics

The seven-day moving average has actually been breached, and the pattern above it is now more significant due to the increasing volume. The preceding week likewise saw a record high in volume, with everyday deals of around 800,000 seen on the chart.

Optimism Volume and Active Addresses impacted

The Optimism network’s current upward pattern seems impacting its native token, OP. Santiment’s information suggested that OP has actually likewise seen an increase in volume just recently. Taking a look at the chart exposed that the volume step was presently at levels equivalent to those last observed in November and September of the previous year.

As of this writing, the volume had actually currently exceeded 200 million, and on 14 January, it had actually doubled. Source: Santiment

According to the information, there has actually likewise been a considerable growth in the variety of active addresses throughout the previous thirty days. For context, there were less than 140,000 active addresses in November 2022, however by December of that very same year, that number had actually increased to almost 192,000.

Over 224,000 active addresses were offered since this writing, a considerable boost from what was accessible the year

previous.

Source: Santiment

OP cost stays bullish … However for for how long?

The pattern line chart revealed that Optimism had actually been moving up on a day-to-day timeframe. The pattern line has actually likewise functioned as assistance and resistance as the cost has actually climbed up. It was up over 3% since this writing and trading at approximately $1.7.

Source: Trading View

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