Since last weekend, the Near Protocol coin price has decreased from $5.94 to $5.11— a 13.9% fall. The supply pressure in the broader market following the Bitcoin reversal from $70000 bolsters such correction in altcoins. The falling NEAR price, backed by below-average volume, hints at a potential drop to $4 before a major reversal. Will rising Active addresses bolster an early turnaround?.
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NEAR Protocol Price Eyes Major Breakout as Active Addresses Surge 3348.28%
Over the past four months, the Near protocol coin has showcased a sideways trend resonating within two parallel trendlines of the channel pattern. These trendlines act as major resistance and support for the NEAR coin, preventing a directional trend on either.
The flattish 100D and 200D EMA slopes accentuate a sideways trend. However, the assets trading below these EMAs indicate that the sellers hold an advantage in applying additional supply pressure from above.
NEAR Protocol Price| Tradingview
Despite the mid-July market recovery, the Near protocol price showcased a V-top reversal from $5.68. The bearish turnaround plunged the altcoin 21.5% to trade at $5.1, while the market cap fell to $5.67 Billion.
With sustained selling, the coin price may plunge to 20% to hit $4 and seek support at the pattern’s lower trendline. Any further breakdown could accelerate the bearish momentum for a significant downfall.
The number of active addresses on the NEAR Protocol network has been continuously growing since last year. According to data from The Block, this on-chain metric surged from 57.13k at the end of July 2023 to a current record of 1.97 million, registering an impressive 3348.28% growth.
This significant increase implies a growing user base and heightened network activity, which can positively impact NEAR Protocol’s ecosystem and potentially drive higher asset value.
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According to a recent tweet by Satoshi Club, NEAR Protocol achieved a 42.0% increaseeserve in average daily active addresses in Q2 2024, reaching a new all-time high.
@NEARProtocol recorded a 42.0% increase in average daily active addresses in Q2 2024 – an ATH. pic.twitter.com/2NsVAAq6sC
— Satoshi Club (@esatoshiclub) July 30, 2024
Thus, the Near Protocol price shows a high potential for a bullish reversal from $4. If the pattern identification is accurate, the coin price will be 50% up from its current price to challenge overhead resistance at $7.6.
An upside breakout from the channel pattern will project a significant signal for uptrend continuation.
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