$NEAR Protocol Price Eyes Major Breakout as Active Addresses Surge 3348.28% - CoinGape Analytics

Over the past four months, the Near protocol coin has showcased a sideways trend resonating within two parallel trendlines of the channel pattern. These trendlines act as major resistance and support for the NEAR coin, preventing a directional trend on either.

The flattish 100D and 200D EMA slopes accentuate a sideways trend. However, the assets trading below these EMAs indicate that the sellers hold an advantage in applying additional supply pressure from above.

Despite the mid-July market recovery, the Near protocol price showcased a V-top reversal from $5.68. The bearish turnaround plunged the altcoin 21.5% to trade at $5.1, while the market cap fell to $5.67 Billion.

With sustained selling, the coin price may plunge to 20% to hit $4 and seek support at the pattern’s lower trendline. Any further breakdown could accelerate the bearish momentum for a significant downfall.

The number of active addresses on the NEAR Protocol network has been continuously growing since last year. According to data from The Block, this on-chain metric surged from 57.13k at the end of July 2023 to a current record of 1.97 million, registering an impressive 3348.28% growth.