NEAR Protocol’s native token, NEAR, has experienced a remarkable surge, reaching its highest price of the year with an 18% increase in just 24 hours. The surge is accompanied by increased network activity and positive market indicators, indicating the potential for continued growth.
NEAR, the cryptocurrency associated with the NEAR Protocol, has recently seen a substantial surge, hitting its highest price of the year. As of now, it is trading at $2.73, reflecting an impressive 18% increase within the last 24 hours and a noteworthy 26% surge over the past week, according to data from CoinMarketCap.
This surge has propelled NEAR’s market value beyond its previous peak of $2.54 earlier in the year. The current market capitalization stands at approximately $2.7 billion.
NEAR Token’s Bullish Momentum: A Comprehensive Analysis
The recent surge in NEAR, the native cryptocurrency of the NEAR Protocol, is not just a random price rally. Various market indicators suggest a solid foundation for its growth. One such indicator is the Moving Average Convergence Divergence (MACD) line, which has recently intersected upward with its trend line. This classic bullish signal often anticipates price appreciation, indicating a potential shift in the trend’s direction.
Furthermore, NEAR’s Relative Strength Index (RSI) is at an overbought position of 70.28, while the Money Flow Index (MFI) is trending upward at 68. These figures suggest that the accumulation of NEAR is surpassing sell-offs among traders. Additionally, the Chaikin Money Flow (CMF), trending upwards at 0.11, implies sufficient market liquidity, enhancing the likelihood of further price growth.
Recent data from Artemis reveals a remarkable surge in NEAR’s network activity since the beginning of the month. The number of unique wallet addresses participating in on-chain transactions has skyrocketed by 975%, with daily active addresses growing from 93,000 to over 1 million between December 1st and 18th.
This surge in network usage has positively impacted NEAR’s decentralized finance (DeFi) total value locked (TVL), rising by 23% in the past 20 days and reaching a nine-month high. The growth in TVL, coupled with a 169% increase in transaction counts since December 3rd, indicates a robust month for NEAR and suggests the potential for sustained momentum in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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