The Near Protocol token rose for five consecutive days, crossing a crucial resistance level as its active addresses and transactions increased.
Near (NEAR) rose to a high of $2.30, up by 25% from its lowest point this month. This rebound has pushed its market cap to over $2.7 billion.
Nansen data shows that the number of active addresses rose by 7.7% in the last seven days to 790,273. Most importantly, the number of transactions rose by 12% to 52.7 million, making it the most active network after Solana (SOL) and Tron (TRX). More data shows that Near Protocol’s fees rose by 6.6% to $69.5
More DeFi Llama shows that some of Near Protocol’s DeFi applications have started to gain traction in the past few days. Rhea Finance’s assets rose by 4% in the last seven days to $136 million. Meta Pool, Linear Protocol, and TrueFin have also seen higher inflows.
Near Protocol token has also risen modestly as demand from stakers jump. StakingRewards data indicate that the staking market cap has increased by 6% to $1.34 billion, resulting in a staking ratio of 46.95%. It has experienced inflows for 19 consecutive days. Its staking yield has risen to almost 10%.
Near Protocol price analysis
The daily chart shows that the Near price has been in a downward trend in the past few months. It bottomed at $1.8530 earlier this month and then bounced back to the current $2.315.
The token has retested the upper side of the falling wedge pattern, a popular bullish reversal sign. It has formed a bullish divergence pattern as oscillators, such as the Relative Strength Index, Percentage Price Oscillator, and Awesome Oscillator, rise.
Therefore, the Near Protocol price is likely to continue rising as bulls target the key resistance point at $3.50. This target is about 51% above the current level and is at the lowest side in August, September, and November last year.
