CoinW.com reported:
The NEAR Protocol has recorded 450 million transactions and 12.3 million unique addresses. The increase in user engagement has changed market sentiment.
With the surge in transactions and new addresses, the NEAR Protocol has garnered attention from a wider cryptocurrency community.
According to an analyst, NEAR addresses have increased in the past two months. Masi reported these developments on X (formerly known as Twitter) and stated,
“In June, @NEARProtocol ranked first in active addresses compared to popular chains. The cost fee was less than 0.005 USD. The success rate was 99.9%. The average STPS was 94. The number of transactions was 239 million. The user retention rate in May was 55% with 12.3 million new users.”
Therefore, Flipside’s official X page also reported the rapid growth NEAR is experiencing. They announced,
“In the past year, the growth rate of new users on @NEARProtocol has surpassed all other top chains. Since early 2023, NEAR ranks second in the total number of new users.”
The increase in transaction and address activity has helped NEAR recover from recent losses.
With the rise in user engagement, bulls are working to overcome resistance. This has resulted in 450 million transactions and 227.7 million unique users. In June, NEAR attracted 12.3 million new addresses, compared to 5.8 million in May.
What is driving user engagement?
Various factors have played a crucial role in increasing adoption and usage. Firstly, the development of NEAR’s Artificial Intelligence Research Lab aims to promote simple, secure, and scalable technology.
The immense potential of artificial intelligence has played a key role in attracting users and positioning NEAR as a key player in the integration of AI and blockchain.
Additionally, the NEAR Protocol has other innovations such as chain signatures and integration with the HERE wallet. These developments and integrations have helped improve NEAR’s user experience and made it accessible to many users.
Impact on price charts
At the time of writing, NEAR is trading at $4.74 after a 5.27% surge in the past 24 hours. However, trading volume has decreased by 51.75%.
Analysis by AMBCrypto suggests that the bearish trend for NEAR is weakening, with a potential reversal.
Looking at the Money Flow Index, it stands at 56 at the time of publication. This financial indicator suggests that more funds are flowing into altcoins than out. Though moderate, it indicates an increase in buying pressure with the influx of crypto funds.
Similarly, the MACD shows a potential reversal. The MACD histogram is above zero at 0.016, and the MACD line is above the signal line. This indicates a weakening bearish momentum, which is typically seen before a reversal in a bull market trend.
Lastly, our coinglass analysis shows that NEAR has had a net outflow in the past 7 days. As of now, the net flow is -$9.9442 million.
A negative value suggests investors plan to hold for the long term, indicating confidence in the future potential of altcoins.
Will NEAR present an upward trend?
NEAR has declined by 5.56% on the weekly chart. If the downtrend continues, it could fall to the next support level at around $4.15.
However, if the increase in large transactions and active addresses has a positive impact on the price trend, and the market sentiment reverses, the price will attempt to reach the resistance level of around $5.602 seen previously.
