- NEAR Protocol has recorded 450 million transactions and 12.3 million unique addresses.
- The increased user engagement has shifted market sentiment
NEAR Protocol has captured the attention of the wider crypto community following a massive surge in transactions and new addresses.
According to an analyst, NEAR addresses have increased over the last two months. Masi, reported these developments on X (formerly Twitter), stating that,
” In June, @NEARProtocol compared to the popular chains was. 1 in the Number of Active Addresses (16.9m). 1 in low-cost fees (< $0.005). 1 in Success Rate (99.9%). 2 in Average STPS (94). 2 in Number of txns (239m). 55% retention of May Users with 12.3m new Users”.
Accordingly, Flipside’s official X page also reported the fast growth that NEAR is experiencing. They announced,
“New users on @NEARProtocol have outpaced the growth rate of every other top chain in the past year. NEAR has now been second in total new users since the beginning of 2023.”
Source: Flipside
Increased transactions and address activities have helped NEAR prices recover from recent losses.
With higher engagements, bulls are pushing to overcome resistance. This led to 450 million total transactions and 227.7 million unique users. In June, NEAR attracted 12.3 million new addresses and 5.8 million in May.
What’s driving user engagement
Various factors have played a crucial role in the increased adoption and usage. Firstly, the NEAR AI R&D Lab development aims to promote simple, secure, and scalable technology.
The promising potential of AI has played a critical role in attracting users and positioning NEAR as a key player in AI and blockchain integration.
Additionally, NEAR Protocol has other innovations, such as chain signatures and the integration of HERE wallet. These developments and integrations have helped NEAR improve its user experience and make it accessible to many users.
What’s the impact on price charts
As of this writing, NEAR was trading at $4.74 after a 5.27% surge in 24 hours. Within the same period, trading volume has declined by 51.75%.
AMBCrypto’s analysis indicates that the NEAR bearish trend is weakening, positioning it for a potential reversal.
Looking at the Money Flow Index, it’s at 56 at press time. This MFI suggests there is more money flowing into the altcoin than outflow. Though moderate, this implies a rise in buying pressure with increasing crypto funds.
Source: Tradingview
Equally, the MACD shows a potential reversal. The MACD histogram is above zero at 0.016, while the MACD line is above the signal line. This shows that the bearish momentum is weakening, which usually following a bullish trend reversal.
Source: Coinglass
Finally, our coinglass analysis shows that NEAR’s netflow has been largely negative for the last 7 days. At press time, the netflow is at -$940.42k.
A negative value suggests investors’ plan to hold long-term, indicating confidence in the altcoin’s future potential.
Is NEAR set for an uptrend?
NEAR has declined by 5.56% on weekly charts. If the downtrend continues, it will decline to the next support level, around $4.15.
However, if large transactions and increased active addresses positively impact price actions and markets experiences are reversed, the prices will attempt the previous resistance level around $5.602.
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