Over the past 30 days, Near Protocol recorded 450 million transactions and 12.3 million unique addresses, showing an increase in user engagement and a shift in market sentiment. This boom has caught the attention of the crypto community as NEAR price recovered 15% over the weekend, is it ready for a major rally?

User engagement and adoption

Analyst Masi reports that NEAR leads in terms of number of active addresses, low fees and high success rate, with significant growth of new users in recent months.

According to analysts, Near Protocol has 16.9 million active addresses, transaction fees under $0.005, and a 99.9% success rate. It excelled with an average of 94 STPS and 239 million transactions, 55% user retention from May, and attracted 12.3 million new users.

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

New users on Near Protocol have grown faster than on any other blockchain over the past year, putting NEAR in second place for total new users since the start of 2023.

Technical analysis of NEAR token

From January 2022 to October 2023, NEAR experienced a prolonged bear market, falling from a high of $20 in January 2022 to a multi-year low. However, it reversed the trend and began a significant rally, rising over 886% to $9 on March 15, 2024. This peak continued an uptrend that began on January 23, after falling to $2.4.

Near Chart | Source: Nikola Lazic/TradingView

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

The Relative Strength Index (RSI) on the daily chart was oversold at 25% on June 25, which usually signals a reversal. This decrease may have marked the completion of the second sub-wave, or in other words the first correction of the bull market.

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

It recovered slightly and maintained trading above $4.4. However, to confirm an uptrend, we need to see it rise to $6 and make its first higher low since mid-March.

When that happens, we can expect a renewed uptrend that could take NEAR to a new yearly high above $9.


Source: https://tapchibitcoin.io/near-protocol-dat-ky-luc-450-million-Giao-dich.html