NEAR Protocol Records 450 Million Transactions and 12.3 Million Addresses

  • NEAR Protocol has recorded 450 million transactions and 12.3 million unique addresses.
  • Increased user engagement has changed market sentiment.

The NEAR protocol has captured the attention of the wider crypto community after a massive surge in transactions and new addresses.

According to one analyst, NEAR addresses have increased over the past two months. Diamond, These developments were reported on X (formerly Twitter), saying:

“In June, @NEARProtocol was 1st in active addresses (16.9M) compared to popular chains. 1st in low-cost fees (

Accordingly, the other sideThe official page of X also mentioned the rapid growth of NEAR. They announced,

“The number of new users on @NEARProtocol has outpaced the growth rate of every other chain in the past year. NEAR is now ranked #2 in total new users since the start of 2023.”

Source: Flipside

Increased transactions and address activity have helped NEAR price recover from recent losses.

With participation rates rising, bulls are looking to overcome resistance. This has resulted in 450 million total transactions and 227.7 million unique users. In June, NEAR attracted 12.3 million new addresses and 5.8 million in May.

What drives user engagement?

Several factors have played a crucial role in increasing adoption and usage. First, the development of the NEAR AI R&D Lab aims to promote simple, secure, and scalable technology.

The promising potential of AI has played a crucial role in attracting users and positioning NEAR as a major player in the integration of AI and blockchain.

Additionally, the NEAR protocol has other innovations, such as on-chain signatures and HERE wallet integration. These developments and integrations have helped NEAR improve the user experience and make it accessible to many users.

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What is the impact on price charts?

At the time of writing, NEAR is trading at $4.74 after rising 5.27% in 24 hours. During the same period, trading volume has decreased by 51.75%.

AMBCrypto analysis suggests that the NEAR downtrend is weakening, putting it in a position to reverse.

Looking at the Money Flow Index, it is at 56 at the time of writing. This indicator indicates that there is more money flowing into the altcoin than outflows. Although this figure is moderate, it indicates an increase in buying pressure as crypto funds increase.

Source: Tradingview

Similarly, the MACD indicator shows a possible reversal. The MACD histogram is above zero at 0.016, while the MACD line is above the signal line. This shows that the downward momentum is weakening, which is what usually happens after an uptrend reversal.

Source: Coinglass

Finally, our coinglass analysis shows that NEAR’s net flow has been largely negative over the past seven days. At the time of publication, the net flow is -$940.42K.

A negative value indicates that investors plan to hold the coin for the long term, demonstrating confidence in the altcoin’s future potential.

Is NEAR trending up?

NEAR price is down 5.56% on the weekly charts. If the downtrend continues, it will drop to the next support level, around $4.15.

However, if large transactions and increasing active addresses positively influence price movements and market experiences reverse, prices will attempt to reach the previous resistance level around $5.602.

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