- NEAR hit 3 million daily active addresses in the third quarter of 2024.
- Addresses are interested in NEAR as the AI token outperforms the broader market.
Artificial intelligence (AI) cryptocurrencies have witnessed significant growth with most cryptocurrencies including: Bit Tensor (TAO) Outperforms the broader cryptocurrency market.
In addition to TAO, other AI-related cryptocurrencies that have seen significant growth include: NEAR Protocol (NEAR).
Over the past 30 days, NEAR is up 25%. These gains were fueled by network growth, increased usage, and interest.
During the third quarter of 2024, the number of daily active addresses of the NEAR protocol reached 3 million per CryptoRank, making it the best network according to this metric.
In comparison, the second and third ranked networks according to this metric, Solana (SOL) and Tron (TRX), recorded 2.4 million and 2.1 million daily active addresses, respectively, during the quarter.
Source: X
This growth coincided with the growth of the AI cryptocurrency sector. According to recent reports DappRadarAI-related decentralized applications (dApps) reported 71% growth in the third quarter compared to the second quarter.
Additionally, AI dApps reported an average of 4.3 million unique active wallets per day, suggesting industry growth.
As the AI cryptocurrency sector continues to grow, will NEAR remain bullish, or will the price continue to succumb to broader market sentiment?
NEAR price analysis
NEAR was trading at $4.87 at press time after falling 2.36% in 24 hours. Trading volume also decreased by more than 30%. CoinMarketCap, It shows a lack of market participation.
NEAR has been on a downward trend since the beginning of the month, as can be seen in the Moving Average Convergence Divergence (MACD) indicator.
The MACD line is trending below the signal line, indicating a bearish trend. The downtrend can also be seen in the red MACD histogram bars.
Source: TradingView
Buyers are also inactive and the Relative Strength Index (RSI) is 51, indicating neutral market sentiment. However, the RSI line below the signal line indicates weak momentum.
If the bears continue to gain control, the price is likely to move lower to test the support level of the 0.236 Fibonacci level ($4.761).
Conversely, if buyers intervene, NEAR is likely to surge towards the next resistance level at $5.31, after which the price could target prices above $6.
Read 2024-2025 price prediction for NEAR Protocol (NEAR)
Technical indicators currently show momentum is bearish, but Binance’s long/short ratio shows traders are betting on a bullish recovery.
According to Coinglass, 71% of Binance accounts took long positions, while only 28% were short.
Source: Coinglass