Why is NEAR Protocol (NEAR) Price Up By 24?

NEAR Protocol (NEAR), a layer-one blockchain designed to address the limitations of competing platforms, has experienced a remarkable 24.32% price surge 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 the 21st spot 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 surge in new user acquisition. According to analyst Saeed, the NEAR ecosystem has welcomed 12.1 million new accounts in 2024, signaling strong network adoption.

This influx of new users has not only expanded the NEAR community but has also contributed to a significant increase in on-chain activity. With 138.8 million transactions initiated by these newcomers, the NEAR blockchain is demonstrating robust growth in both users and active participation.

Gaming and DeFi Protocols Gain Traction

A closer look at the new user numbers and transaction data reveals 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 is instead driven by its underlying utility and adoption.

Technical Analysis by altFINS

According to technical analysis by altFINS, NEAR Protocol’s near-term outlook is neutral, with the token 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 down and above the $3.50 resistance level.

altFINS notes that NEAR has reached its target of $4.60 for a 20% gain, a level at which the token was rejected in late 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 a 14% upside potential to $5.25, or anticipate 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 nearest 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 metrics, and technical analysis showcase 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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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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