NEAR’s 450M Milestone – What Does This Say About Price?

The NEAR protocol has recorded 450M transactions and 12.3M unique addresses, and the increase in user engagement has changed the market sentiment, with NEAR catching the attention of the wider crypto community as the number of transactions and new addresses surged.

The increase in transaction and address activity has helped NEAR price recover from recent losses.

Bulls are struggling to overcome resistance as engagement increases. This has led to 450M total transactions and 227.7M unique users. NEAR attracted 12.3M new addresses in June and 5.8M in May.

Various factors have played a vital role in increasing adoption and usage. First, the development of the NEAR AI R&D lab aims to promote simple, secure, and scalable technologies.

The huge potential of AI has played a key role in attracting users and positioning NEAR as a key player in the field of AI and blockchain integration.

In addition, there are other innovations in the NEAR protocol, such as on-chain signatures and the integration of the HERE wallet. These developments and integrations have helped NEAR improve its user experience and make it available to more users.

Currently, the NEAR price is $4.3, and the bearish trend is weakening and may be reversed.

Looking at the Money Flow Index, it is 56 at press time. The MFI shows that more money is flowing into the altcoin than outflowing. Although the magnitude is not large, it means that buying pressure has risen as the market funds increase.

Similarly, the MACD also shows a potential reversal. The MACD histogram is above zero at 0.016, while the MACD line is above the signal line. This shows that the bearish momentum is weakening, which usually happens after a bullish trend reversal.

NEAR has fallen 5.56% on the weekly chart. If the downtrend continues, it will fall to the next support level, which is around $3.9.

However, if large transactions and an increase in active addresses have a positive impact on price action and the market experience reverses, the price will attempt the previous resistance level around $5.6.