NEAR Protocol Price Targets $8 Comeback as Active Addresses Hit ATH

by

As a seasoned researcher with years of experience in the crypto market, I’ve seen more than my fair share of bearish and bullish trends. The recent drop in Near Protocol’s price from $5.94 to $5.11 is a familiar sight, but it doesn’t mean it’s time to panic.

Over the past weekend, the price of Near Protocol’s coin dropped from $5.94 to $5.11, representing a decline of about 13.9%. This downturn can be attributed to the market-wide supply pressure following Bitcoin‘s reversal from $70,000, which has also influenced other altcoins. The current low price of NEAR, accompanied by below-par trading volume, suggests a possible further drop to around $4 before a significant recovery. Could an increase in active addresses contribute to an earlier turnaround?

NEAR Protocol Price Eyes Major Breakout as Active Addresses Surge 3348.28%

For the past four months, the Near protocol token has been moving horizontally, sandwiched between two lines that form a channel. These lines serve as significant barriers, hindering the token from establishing a clear upward or downward trend.

In simpler terms, the relatively flat 100-day and 200-day Exponential Moving Averages (EMA) suggest a sideways market movement. This is because assets trading below these EMAs imply that sellers have more control and can potentially increase downward pressure on prices due to their excess supply.

NEAR Protocol Price Targets $8 Comeback as Active Addresses Hit ATH

Although the market saw a recovery in mid-July, the price of Near protocol exhibited a V-shaped reversal from $5.68. This bearish shift caused the altcoin to drop by 21.5%, trading now at around $5.1. Additionally, the market capitalization decreased to approximately $5.67 Billion.

If the continued selling pressure persists, the value of the coin might drop by around 20%, reaching approximately $4. At this point, it may find some support along its downward trendline. A further decline could intensify the negative trend, potentially leading to a substantial decrease in price.

As a researcher studying the NEAR Protocol network, I’ve noticed a significant and continuous increase in active addresses since last year. To be precise, data from The Block shows that at the end of July 2023, there were approximately 57,130 active addresses. Fast forward to now, this on-chain metric has soared to an astounding 1,970,000, marking a staggering growth of over 3,348%. This impressive surge underscores the growing popularity and activity on the NEAR Protocol network.

As a crypto investor, I’ve noticed a substantial surge, which suggests an expanding community of users and increased network engagement. This development could significantly boost the NEAR Protocol’s ecosystem and potentially elevate the worth of my assets.

As per a recent tweet from Satoshi Club, the NEAR Protocol saw a significant surge of 42.0% in the number of average daily active addresses during the second quarter of 2024, setting a new record for the highest number ever recorded.

@NEARProtocol recorded a 42.0% increase in average daily active addresses in Q2 2024 – an ATH.

— Satoshi Club (@esatoshiclub) July 30, 2024

Given an accurate analysis of the chart pattern, it’s possible that the Near Protocol price could experience a bullish turnaround from around $4, potentially rising by half (50%) to approximately $6.4 if the resistance level at $7.6 is reached.

A break above the channel line (indicating an upward trend) could strongly suggest that the upward momentum will persist.

Read More

2024-07-30 23:50