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- The price of NEAR has risen to its highest level this year.
- So far this month has seen a surge in demand for the NEAR blockchain.
NEAR, the native token of the NEAR protocol, has surged to its highest price since the beginning of the year.
The token with the most revenue in the last 24 hours was trading at $2.73 at press time. According to CoinMarketCapThe value of the altcoin has risen 18% in the last 24 hours and 26% in the past week.
Source: CoinMarketCap
The current value has surpassed the previous high of $2.54 established earlier this year. The token’s market capitalization has also increased significantly, now reaching approximately $2.7 billion.
The Bulls are here!
The double-digit price rally recorded over the past 24 hours coincides with the upward intersection of the token’s MACD line and trend line. Reading the price action of NEAR on the daily chart shows that this movement occurred during the intraday trading session on December 19th.
When a coin’s MACD crosses its trend line, it is a bullish signal and often leads to a higher price. This is because the short-term EMA (MACD) is ahead of the long-term EMA (signal line), suggesting a change in trend direction.
The Relative Strength Index (RSI), which signals a surge in NEAR demand over the past 24 hours, remained at an overbought point of 70.28 at press time. Additionally, alt’s Funds Flow Index (MFI) showed an upward trend to 68.
The values of these key momentum indicators show that NEAR accumulation is significantly outpacing selling among day traders.
Likewise, the token’s Chaikin Money Flow (CMF) is also trending upward at the time of this writing. At 0.11, there is sufficient liquidity in the NEAR market, increasing the possibility of further price rises.
Source: NEAR/USDT on TradingView
We’ve had a good month at NEAR.
According to data from Artemis, the NEAR blockchain has seen a notable increase in network activity since the start of the month.
According to the data provider, the daily number of unique wallet addresses sending on-chain transactions on the network has increased by 975%.
For context, between December 1 and 18, the number of daily active addresses on NEAR increased from 93,000 to over 1 million.
Source: Artemis
Read 2023-24 price prediction for NEAR Protocol (NEAR)
The increase in daily addresses has also led to a surge in transaction volume on the network. This represents a 169% increase since December 3, according to data from Artemis.
The increase in NEAR usage over the past month has also had an impact on DeFi Total Value Locked (TVL). The network’s TVL, up 23% over the past 20 days, is now at a nine-month high.
Source: Artemis