The Near Protocol token experienced a five-day upward trend, surpassing a significant resistance level as both active addresses and transaction volumes increased.
Near reached a peak of $2.30, reflecting a 25% increase from its lowest value this month. This recovery has elevated its market capitalization to over $2.7 billion.
According to data from Nansen, the number of active addresses grew by 7.7% over the past week, reaching 790,273.
Notably, the transaction count surged by 12% to 52.7 million, positioning it as the most active network following Solana and Tron. Additional data indicates that Near Protocol's fees increased by 6.6%, totaling $69.5.
Recent data from DeFi Llama indicates that several DeFi applications on the Near Protocol have begun to gain momentum in recent days.
Rhea Finance has seen its assets increase by 4% over the past week, reaching a total of $136 million. Additionally, Meta Pool, Linear Protocol, and TrueFin have also experienced increased inflows.
The Near Protocol token has experienced a slight uptick as demand from stakers rises.
According to StakingRewards, the market capitalization for staking has grown by 6%, now totaling $1.34 billion, which corresponds to a staking ratio of 46.95%.
This growth marks 19 consecutive days of inflows, and the staking yield has approached nearly 10%.
Analysis of Near Protocol's price.
The daily chart indicates that the Near price has experienced a downward trend over the past few months. It reached a low of $1.8530 earlier this month before recovering to its current value of $2.315.
The token has retraced to the upper boundary of a falling wedge pattern, which is commonly regarded as a bullish reversal indicator.
Additionally, a bullish divergence pattern has emerged, as evidenced by the upward movement of oscillators such as the Relative Strength Index, Percentage Price Oscillator, and Awesome Oscillator.
Consequently, it is anticipated that the Near Protocol price will continue to rise, with bullish traders aiming for a significant resistance level at $3.50.
This target represents an increase of approximately 51% from the current price and aligns with the lowest points observed in August, September, and November of the previous year.
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