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The Near Protocol is witnessing a phenomenal surge, not just in its price but across various on-chain metrics. Data from Messari Crypto reveals that daily active addresses, circulating market cap and average daily transactions have all escalated by over 200%, painting a picture of robust health and expanding network usage.
The uptick in daily active addresses suggests that more users are interacting with the NEAR network, while the rise in market cap and transaction volume signifies increased economic activity and asset valuation, which affect the price performance of the asset directly.
NEAR's price action has mirrored this positive on-chain data, showcasing an impressive recovery trend. Currently trading around $3.00, NEAR has found solid support at the $2.60 level, which has held strong in the face of recent market fluctuations. This support level is crucial, as it represents a consolidation area that could act as a springboard for future price increases.
Resistance, on the other hand, is seen near the $3.20 mark, which NEAR is attempting to breach. A decisive move above this resistance could confirm a continuation of the bullish trend, potentially targeting the next resistance zone at around $3.60, a level that aligns with previous highs and could pose a challenge for bulls.
If the current momentum sustains, buoyed by the impressive on-chain growth and the recovery of the crypto market, we could see NEAR aiming for higher price levels. A few months down the line, NEAR might well reach the $4.00 mark, which is around the local high reached back in December.
Near's commitment to addressing blockchain trilemma issues — scalability, security and decentralization — places NEAR in an advantageous position even compared to mastodons like Ethereum.
Godfrey Benjamin
Gamza Khanzadaev
Yuri Molchan
