- The NEAR Protocol is currently signaling a shift towards bullish momentum due to a remarkable increase in active addresses.
- Despite experiencing a drop of 21.5%, the price is likely to rebound from the $4 support level, potentially marking a 50% increase.
- Activity on the NEAR network has surged dramatically, showcasing a 3348.28% rise in active addresses, which could herald significant positive movement.
NEAR Protocol demonstrates strong potential for a bullish turnaround, driven by significant on-chain activity and resilient support levels.
NEAR Protocol Records Exceptional Growth in Active Addresses
In the past year, the NEAR Protocol has observed an extraordinary surge in active addresses, increasing from 57.13k to an impressive 1.97 million. This spike represents a 3348.28% growth, reflecting heightened user engagement and activity within the network. Such a significant rise is likely to drive ecosystem value and contribute to a bullish outlook for NEAR.
Technical Indicators Support Potential Bullish Reversal
The NEAR Protocol price has been navigating a sideways trend within parallel trendlines, creating a channel pattern that serves as a key indicator for technical analysis. The $4 support level, bolstered by the 100-week EMA, forms a critical demand zone. Although the price saw a 21.5% decrease, this support level suggests a robust foundation for a potential bullish reversal. The consistent rise in the number of active addresses reinforces a positive probability of price resurgence.
Market Sentiment and Intraday Volumes
The intraday trading volume for NEAR stands at $164.5 billion, marking a 32% loss, yet this figure indicates substantial trading activity. Such volumes, combined with growing active addresses, form a conducive backdrop for a possible positive price movement. Market sentiment appears to be preparing for an upward shift, contingent on breaking through the $4 support with sustained momentum.
Conclusion
The NEAR Protocol is positioned well for a potential bullish reversal, primarily driven by the unprecedented increase in active addresses and robust technical support levels around the $4 mark. As long as the network continues to observe significant user engagement and transaction volumes, the outlook remains optimistic. Investors and traders should watch closely for any signs of breakout or further market consolidation that could herald a new uptrend for NEAR.
