NEAR Protocol Surges in Active Users and Transactions, Price Poised for Rebound?

NEAR Protocol (NEAR) has been making waves in the crypto community with a significant surge in user activity and transactions. This has fueled optimism for a potential price reversal after recent losses.

Key Drivers of NEAR Protocol’s User Growth

NEAR boasts the highest number of active addresses (16.9 million) compared to major chains in June, according to analyst Masi. New user acquisition has also been impressive, ranking second for total new users since the beginning of 2023 (Source: Flipside).

The NEAR AI R&D Lab is attracting users with its vision of simple, secure, and scalable AI technology. This positions NEAR as a key player in integrating AI and blockchain. Innovations like chain signatures and HERE wallet integration are making NEAR more user-friendly and accessible.

NEAR/USD Price Analysis

NEAR is currently trading at $4.74, experiencing a 5.27% surge in the last 24 hours. While trading volume has decreased, technical indicators suggest a potential price reversal.

The Money Flow Index (MFI) indicates more money flowing into NEAR than out, suggesting rising buying pressure. The MACD histogram also hints at a potential reversal from the recent bearish trend.

Despite a slightly negative netflow in the last week, investors seem to be holding onto NEAR for the long term, indicating confidence in its future potential.

Future Outlook

NEAR faces resistance at $5.602 and support at $4.15. Continued user growth and positive market sentiment could push prices towards the resistance level.

NEAR’s emphasis on open infrastructure and applications for AI, along with initiatives like the Horizon AI Incubation Program, could significantly impact the AI landscape.

Overall, NEAR Protocol is experiencing a surge in user activity and transactions, which could lead to a price rebound. The protocol’s focus on AI development and fostering an open ecosystem positions it for a potentially bright future.