NEAR Protocol (NEAR), a layer-one blockchain designed to address the limitations of competing platforms, has experienced a remarkable price increase of 24.32% in the past 24 hours.
The token is currently trading at $5.46, with a 24-hour low and high of $3.58 and $5.45, respectively. This impressive performance has propelled NEAR to 21st place among cryptocurrencies by market capitalization, which now stands at $5.69 billion.
Explosive growth in user acquisition
One of the primary factors driving NEAR Protocol’s recent success is the increase in new user acquisition. According to analyst Saeed, the NEAR ecosystem welcomed 12.1 million new accounts in 2024, indicating strong network adoption.
This influx of new users not only expanded the NEAR community, but also contributed to a significant increase in on-chain activity. With 138.8 million transactions initiated by these newcomers, the NEAR blockchain is showing strong growth in both users and active participation.
Gaming and DeFi protocols are gaining traction
A closer look at the new user numbers and transaction data shows that gaming and decentralized finance (DeFi) protocols built on the NEAR blockchain are gaining significant traction. These sectors dominate the weekly new user numbers and transactions, indicating a growing trend towards entertainment and financial applications within the NEAR ecosystem.
Interestingly, analyst Saeed points out that NEAR’s impressive new user growth does not perfectly correlate with the token’s price performance. This observation suggests that the network’s value is not purely speculative, but rather driven by its underlying utility and adoption.
Technical Analysis by altFINS
According to technical analysis by altFINS, NEAR Protocol’s short-term outlook is neutral, with the sign approaching resistance levels. The platform identifies an emerging pattern of NEAR approaching resistance, with the price currently in an uptrend following a bullish breakout from a channel and above the $3.50 resistance level.
altFINS notes that NEAR reached its target of $4.60 for a gain of 20%, a level at which the token was rejected at the end of December 2023. The platform suggests two potential scenarios for traders: either wait for the price to break above $4.60 to signal a continuation of the uptrend, with an upside potential of 14% to $5.25, or expect a pullback near the $3.50 support level for another swing trade entry, with a 20% upside potential back to $4.60.
Source: altFINS – Start using it today
The technical analysis also reveals that NEAR is in an uptrend across all time horizons (short, medium and long-term), with bullish momentum indicated by the MACD line being above the MACD signal line and the RSI above 55. The closest support zones are identified at $3.50 (previous resistance) and $3.00, while the nearest resistance zones are at $4.60 and $5.25.
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NEAR Protocol’s impressive price performance, user acquisition statistics and technical analysis show the project’s growing prominence within the blockchain industry. With a focus on scalability, interoperability and user-friendly features, NEAR is well positioned to capitalize on the increasing demand for efficient and accessible blockchain solutions.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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