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NEAR Token Lights Up: 22% Price Surge In Seven Days, Network Activity Skyrockets By 350%

NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market. 

According to a recent report by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market.

Surge In Transactions Drives Revenue Growth For NEAR

Per the report, despite a moderate downturn in the crypto market, with XRP and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) experiencing declines of 7.5% and 10.0% respectively. 

Within this context, NEAR’s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion. 

NEAR

Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization by the end of the quarter.

One of the highlights in Q3 ’23 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter.

Regarding network activity, NEAR recorded substantial growth in addresses during Q3 ’23. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses. 

This growth was primarily fueled by the launch of KAIKAINOW, NEAR’s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a “more performant environment” in the NEAR ecosystem.

TVL Drops To $52 Million In Q3 2023

According to Messari, NEAR’s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL. 

NEAR

Within the NEAR Network’s TVL, NEAR’s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%).

Regarding DEX trading volume, NEAR reported an average daily volume of $1.3 million, maintaining stability compared to the previous quarter. NEAR ranked approximately 30th among DEX trading volumes.

NEAR’s stablecoin market capitalization experienced a 27% QoQ decline, primarily driven by reductions in USDC and USDT. However, the native USDC was launched on NEAR during this period, while USN, the winding-down stablecoin from Decentral Bank, remained unchanged.

NEAR Token’s Bullish Momentum Continues

Regarding price action, as observed in the 1-day chart below, NEAR Protocol’s token, NEAR, has broken a prolonged downtrend that commenced on July 20 and concluded on August 18, leading to a phase of accumulation.

NEAR

However, on October 19, the token initiated an uptrend, resulting in significant gains of 12% over the last 30 days, 22% within the fourteen-day timeframe, and 22.3% in the past week. Presently, the token continues its rally, exhibiting a 2.6% surge in the past 24 hours, bringing the current trading price to $1.23.

When considering the year-over-year period, the token remains significantly below its high in 2022, experiencing a decline of 60% over this duration. Furthermore, for NEAR to reclaim its 2023 yearly high, which stood at $2.83 and was achieved in April, the bullish momentum must persist.

It remains to be seen whether the token can sustain its current bullish momentum and establish a new yearly high, capitalizing on the rallies witnessed by the largest cryptocurrencies in the market in the upcoming months to generate further profits.

Featured image from Shutterstock, chart from TradingView.com 

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NEAR Protocol’s Daily Active Addresses Spike, Will Prices Follow?

In the past month, there have been more daily active addresses on the NEAR Protocol than in Ethereum and its layer-2 protocols, including Arbitrum and OP Mainnet, Artemis data from September 25 reveals.

Artemis, an institutional data platform for digital assets, shows that the number of daily active addresses on NEAR Protocol has been consistently above the 400,000 level in September. 

Daily Active Addresses On NEAR Protocol Surging

Looking closer at the data confirms that the number of daily active addresses on Ethereum, the pioneer smart contract platform that hosts most decentralized finance (DeFi) and non-fungible token (NFT) activity, has been dropping.

To illustrate, the number of daily active on Ethereum rose above 1 million in mid-September but has since more than halved to below 400,000. The same trend can be seen in Arbitrum, which dropped from around 200,000 in late June to 150,000 when writing on September 25.

Daily active addresses| Source: Artemis

During this time, NEAR Protocol’s daily active addresses have rapidly spiked from around 40,000 in late June to above 400,000, outperforming Ethereum in this metric. With rising daily active addresses, there has been a spike in daily transactions over the past month. According to trackers, the NEAR Protocol processes more transactions than Ethereum.

Daily transactions| Source: Artemis

Public ledgers like NEAR Protocol and Ethereum depend on a community of users who actively transact—moving value or running protocols—or validators- to secure the network. However, the number of daily active addresses can provide valuable insights into the level of adoption, user engagement, and the network’s overall health.

Besides user engagement, rising daily active addresses might also point to changing market sentiment, which could significantly impact prices.  

Bears In Control As DEX Trading Volume Remains Relatively Stable

When writing, NEAR, the native token of the NEAR Protocol, is trading at around 2023 lows. Changing hands at $1.107, the coin is down 61% from 2023 highs and remains under pressure.

The candlestick arrangement in the daily chart points to consolidation and stability above the primary resistance level at $1. Bears have the upper hand if prices remain below $1.23, a critical resistance level marking the August 17 highs.

NEAR price on September 25| Source: NEARUSDT on Binance, TradingView

As evidence shows, the network activity and price action diverge. Although the transaction count also rose, the number of unique addresses interacting with NEAR Protocol decentralized exchanges has mostly been stable. Looking at the numbers, DEX volume on the platform is significantly lower than those registered in Ethereum and its popular layer-2 platforms.

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Near Protocol (NEAR) Surges Over 22% In One Week, Will It Surpass $2?

NEAR is soaring on the price chart, with a 3.10% increase in the last 24 hours. Even with the bearish nature of the crypto market in 2022, the NEAR protocol started the year strong. The adverse events of 2022 pushed cryptocurrencies under the scrutiny of regulators. However, the market is slowly picking up pace this 2023.

According to a Coin Guru tweet, NEAR is moving upwards, gaining 4.92% in 1 hour. NEAR is a cryptocurrency project designed to be community-based. It is a cloud-computing platform that enables faster transactions and interaction among blockchains.

What Is Behind The Price Surge?

Several factors might be responsible for this increase in the price of NEAR tokens. Web3 innovations top the list of these factors. Web3 has taken over the crypto space with various applications such as gaming, NFTs, fast transactions, etc., and NEAR is at its frontlines. 

NEAR is home to almost 1,000 projects. SweatEconomy is one of its renowned apps with a customer base of over 14 million individuals. The NEAR Protocol development team also hinted that its sharding mechanism, Nightshade, would launch in 2023.

Also, NEAR Protocol gives users an enabling environment to transact seamlessly. Statistics reveal that 22.6 million #NEAR wallets have been created since late 2020. The protocol also supports the staking of NEAR tokens. With its innovative thinking and support of widely adopted decentralized applications (DApps), the attention on NEAR is soaring. 

However, Alex, a Twitter user, was pessimistic about NEAR and its projects. In an opinion poll, he stated his intention to expose a potential rug-pull event on the network if followers supported the action. 95.7% have voted yes in support of the exposure. But Alex is yet to go into details of this particular project. Some users believe he intends to create FUD in the market.

NEARUSD
What Next For NEAR Protocol Token?

NEAR is performing well in the market today, trading at $1.81. The support levels are $1.378, $1.468, and $1.647, while the resistance levels are $1.917, $2.01, and $2.19. The token will test the first resistance level and will likely surpass it based on current performance.

NEAR is currently trading above its 50-day Simple Moving Average (SMA); so more positive price movement is expected in the short term. It is still below its 200-day SMA, indicating a possible reversal in the long term for the crypto asset. The price chart shows that the token broke out of a sideways trend and will likely continue its ascent.

The Relative Strength Index (RSI) is currently in the overbought region at 70.51. This is a buy signal, as the move will likely continue. The Moving Average Convergence/ Divergence (MACD) is above its signal line but still looks tentative. It further proves that the rally will only sustain for the short term. Near will likely reach the first resistance level of $1.905, yielding a profit for long-position traders.

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NEAR Struggles As Bulls Aim To Flip $1.45 Resistance Into Support

NEAR, the native crypto of Near Protocol, seems to continue mirroring the trajectory of Bitcoin, one of the main driving forces of the cryptocurrency industry.

The largest crypto asset boasting a total market capitalization of $320.76 billion has so far failed to establish a strong upward momentum that will enable it to exit 2022 with a higher value.

In fact, BTC, which is trading at $16,658, is in danger of ending the year with a meager gain of less than 2%. At the time of writing, the maiden crypto has only managed to go up by 1.2% during the last 30 days and is looking at a weekly decline of 1.5%.

As Bitcoin continues with its struggles, lesser known altcoins such as NEAR will also have a hard time to trigger an upward movement of their prices.

Yearend Bang Denied As NEAR Drops 20%

Much like many of its fellow digital coins, NEAR is now trapped in a position where it will be difficult to end the month of December on a high note.

NEAR Protocol has the strongest positive correlations with Bitcoin, Cardano, and XRP. This suggests that these coins frequently trend in the same direction at the same time.

According to latest data from Coingecko, at press time, NEAR is changing hands at $1.32 and has already lost 20% of its value in the last 14 days.

As for its month-to-date (MTD) performance, the coin is currently one of the worst performers among the top 40 crypto assets, going down by 16.2% over the previous 30 days.

Adding to the woes of the cryptocurrency is the findings of Investors Observer, which gave the altcoin a moderate volatility rank of 39, putting NEAR in the bottom 39% of all cryptocurrencies in the market.

Bulls are also put in a tough spot as they now bear the responsibility of flipping the resistance region of $1.45 into support zone to trigger some sort of a bullish movement.

Near Protocol Project Affected By FUD

It turns out, the crypto is not the only thing affected by the high levels of fear, uncertainty and doubt (FUD) that’s been plaguing the crypto market recently.

Octopus Network, a project dedicated for launching and running of appchains (application-specific blockchains) built on the Near Protocol blockchain, has been forced to reduce its workforce by 40%.

Citing the current challenging and bleak landscape of the market, the project has decided to remove 12 out of its 30 core team members in order to continue conducting its business.

Moreover, Octopus’s remaining labor force has agreed to take a 20% salary cut and will also lose their token incentive privileges.

Meanwhile, with only three technical analysis indicators showing positive signs and 24 showing bearish indications, the general mood regarding the NEAR Protocol price projection is pessimistic, according to data from December 28.

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NEAR Strong Rebound Seen As Crypto Registers 8% Spike In Last 24 Hours

NEAR, the native token of the public proof-of-stake (PoS) blockchain Near Protocol, dumped more than 50% of its current monthly high of $3.42 that it achieved on November 6.

It seemed like a recurring theme for the digital asset which, in the middle part of the month, shed 53% of its August 20 value.

This is not surprising considering many altcoins were not spared from the lingering effects of the crypto winter that was compounded by the sudden collapse of FTX.

Although it still has ways to go, NEAR seems to be slowly getting back on track, tallying an increase of almost 8% over the last 24 hours to trade at $1.60 according to tracking from Coingecko.

Given the current market conditions, the high discount that the digital asset offers right now (its price has gone down by 55% from its monthly high) is very enticing for investors looking for viable entry point. 

NEAR Blockchain Partners With Famed Rating Platform

Near Protocol recently announced its newly forged partnership with ESG Dao, a rating protocol that measures the true impact of companies, people and societies.

Although additional details are not available at the moment, the tie-up between the two organizations is said to focus on the development of an improved ESG rating system.

For its part, the blockchain network is looking at this development as a proof of its successful move towards its sustainability agenda and will definitely highlight its growing ecosystem that aims to thrive on real-world utility.

The news might have been enough to trigger an upward movement in NEAR price but it failed to push network development activity numbers up, still within the lowest monthly levels ever recorded.

This is not a good sign for the crypto asset and the blockchain as low development activity usually leads to low investor confidence.

What To Expect From NEAR In The Next Few Days

According to the forecast of Coincodex, the NEAR token will slightly increase its current spot trading price as it is predicted to hit $1.62 on December 5.

Meanwhile, on December 31, right before the year ends, the crypto asset will trade at a significantly lower value of $1.05.

One important thing to consider right now is that NEAR is within the range of its historic low which indicates that there might be a possibility for a bounce back in the coming days.

However, as some of its metrics point towards a bearish momentum, investors are strongly advised to keep an eye on the asset’s blockchain development as it could prove to be an integral factor for a bull run to happen.

NEAR total market cap at $1.39 billion on the daily chart | Featured image from BingX Blog, Chart: TradingView.com

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NEAR Faces Resistance In Attempt To Breach $2 Level As Bears Block Its Way

Altcoins like NEAR have experienced a similar slump in value as the major cryptocurrencies during the previous several days.

Cryptocurrency price index Coingecko reports that NEAR’s price is currently bearish, reflecting the general market sentiment. At the time of writing, the token was trading at $1.8515, below the key psychological $2 zone.

Major investors’ loss of faith in cryptocurrencies following the FTX debacle has contributed to the current gloomy sentiment on the cryptocurrency market.

Because of this, other markets where traders with FTX positions also suffered catastrophic losses.

Recent research indicates NEAR has a neutral outlook, suggesting the token’s futures interest is bullish. However, the token’s bearish break below $2 may be indicative of more market weakness.

Negative Mood For NEAR

Although past performance is not a guarantee of future results, it does influence traders’ and investors’ perceptions of an asset’s value. NEAR is experiencing exactly this, as the market structure is extremely negative at the moment.

The coin’s RSI readings are also not encouraging. After a moment of hesitation, it reversed its neutral stance. Since October 31st, the Chaikin money flow indicator has likewise been consistently showing a downward trend, falling below the neutral band.

It has been made much worse by recent occurrences in the cryptospace.

As of this writing, the indicator is -0.23, suggesting that bears are now in charge of the market. Bollinger bands indicate a huge increase in volatility that could result in a bullish near future, despite the current bearishness.

This marginally positive near-term outlook is further backed by the 20-day triple EMA, which has recently flipped from resistance to support.

Short-Term Advantage Likely

Nonetheless, the 50-day triple EMA continues to function as price barrier. This discrepancy in timelines can be seen as a short-term advantage for NEAR. A $2 bearish breach is seen to increase market’s suffering.

The previously mentioned analysis may prove accurate. On the NEAR futures market, short-term investors and traders can utilize the positive OI (Open Interest).

However, long-term traders will face a difficult choice: sell now and realize their losses, or hold and hope for a possible bull run.

The first scenario is more probable than the second. As the currency loses its $2 psychological support, the confidence of investors and traders will decrease. This is already evident in NEAR’s RSI data.

If conditions continue to deteriorate daily, NEAR might fall to $1.5575. A level that has not been witnessed in almost a year.

NEAR total market cap at $1.5 billion on the daily chart | Featured image from Telegaon, Chart: TradingView.com

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Near Protocol Loses $3 As Holders Sweat Over Price, Is There One Last Trick?

  • NEAR’s price struggles to hold above key resistance as price trends in a falling wedge price could break the downtrend. 
  • NEAR continues to struggle as price clings to resistance in a bid to reclaim the region.
  • The price of NEAR continues a downtrend price movement in a descending wedge as the price could pull out a surprise below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. 

For some weeks now, the price of Near Protocol (NEAR) has looked as if the price has lost its steam to rally against tether (USDT) as the price has remained in a range-bound movement with little or no volume to rally. Despite the uncertainty that has befallen the crypto market in recent weeks, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of NEAR has shown little or no volatility in its price movement as many fear if NEAR can reclaim key support at $3. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart.

The bear market hasn’t been good and favorable for most projects, as this has been a tough time as most projects have seen a price decline of over 50% and have discouraged most traders and investors from hodling these assets.  

Despite huge backing from great partnerships and a huge community that has continued to build and grow, the price of NEAR has not reflected all of this great development.

The early part of the year saw some great price action from the NEAR Protocol as the price rallied from a low of $3 to a high of $19, but the price failed to rally high as many expected a new all-time high for the NEAR price.

After the rally by NEAR price to a high of $19, the price faced resistance to rally higher as the price continued to decline from its range high to a weekly low of $2.9. 

The price of NEAR bounced off this region of $2.9 to a high of $6 in a bid to breakout from this downtrend, but the price failed and has maintained a downtrend for some time.

Weekly resistance for the price of NEAR – $3.7.

Weekly support for the price of NEAR – $2.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

In the daily timeframe, the price of NEAR continued to struggle as the price trends in a descending wedge in a range-bound movement. 

Although the price of NEAR has lost its key support at $3, this region has been a key point for the NEAR price to bounce off in an attempt to rally. Haven lost this region, and the price of NEAR continues to trade in a descending wedge with a possible breakout. 

If the price of NEAR breaks out of the wedge, we could see price reclaim key support, but if the price fails, we could have the price retest the $2.

Daily resistance for the NEAR price – $3.7.

Daily support for the NEAR price – $2.5-$2.

Featured Image From themarketperiodical, Charts From Tradingview