Home / Analysis / Crypto / Technical Analysis / Near Protocol Record 450 Million Transactions — User Engagement Foreshadowing Price Rally?

Near Protocol Record 450 Million Transactions — User Engagement Foreshadowing Price Rally?

Last Updated July 8, 2024 2:36 PM
Nikola Lazic
Last Updated July 8, 2024 2:36 PM

Key Takeaways

  • NEAR sees 450M transactions and 12.3M unique addresses.
  • Leads in active addresses, low fees, and success rate.
  • Potential for bullish trend with new yearly high above $9.

Near Protocol has recorded 450 million transactions and 12.3 million unique addresses in the past 30 days, highlighting increased user engagement and shifting market sentiment. This surge has captured the attention of the crypto community as the price of NEAR recovered by 17% over the weekend, is it ready for a major rally? 

User Engagement and Adoption

Analyst Masi reported that NEAR leads in active addresses, low-cost fees, and success rate, with significant new user growth in recent months. 

According to analysts, NEAR Protocol has 16.9 million active addresses, fees are less than $0.005, and success rates are 99.9%. It excels with an average of 94 STPS and 239 million transactions, retaining 55% of May users and gaining 12.3 million new users.

Flipside also noted NEAR’s rapid growth, ranking it second in total new users since 2023.

NEAR
NEAR Transactions | Source; Flipside

New users on NEAR Protocol have grown faster than those on any other top chain in the past year, making NEAR second in total new users since the beginning of 2023

Near Price Outlook

From January 2022 to October 2023, NEAR underwent a prolonged bear market, falling from a high of $20 in January 2022 into a multi-year decline. However, it reversed course and began a significant rally, climbing over 886% to reach $9 on March 15, 2024. This peak continued a bullish trend that began on January 23, following a dip to $2.40.

NEAR
NEARUSD | Credit: Nikola Lazic/Trradingview

Wave analysis suggests this rally could be the first sub-wave of a five-wave upward pattern. The subsequent corrective stage saw a three-wave decline to a low of $4.50, first on April 13 and now to $4 on July 5, a 0.618 Fibonacci retracement level. 

The daily chart’s Relative Strength Index (RSI) was oversold at 25% on June 25, which typically precedes a reversal. This decline could have marked the completion of its second sub-wave, or in other words, its first bull market correction. 

NEAR is expected to enter its next upward advancement wave soon, potentially climbing above $17 for its next higher high, reaching the 1.618 Fibonacci extension level. 

It has already slightly recovered and managed to maintain trading above $4.40. However, to confirm a starting bullish trend, we need to see it rise to $6 and make its first higher low since mid-March.

Once it does so, we can anticipate a new uptrend that could potentially lead NEAR to a new yearly high above $9. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Was this Article helpful? Yes No