Is the demand for NEAR increasing?

NEAR Daily Transactions Surge to All-Time High

On November 22, 2023, Near blockchain recorded a surge in its daily transaction count, reaching an all-time high of 1.68 million. This is a significant increase and reflects the growing demand for NEAR.

Growth in Demand and DeFi Impact

The surge in daily transactions is attributed to the increasing demand for NEAR in recent weeks. The number of unique wallet addresses that completed at least one transaction on Near rose by 13% between 21st October and 19th November. Additionally, the chain’s total value locked (TVL) witnessed a 21% growth in the last week and a 50% surge in the last month in its decentralized finance (DeFi) vertical.

State of NEAR

NEAR’s native coin is currently valued at $1.92, showcasing an 89% price growth in the last month. Despite the general market trading sideways due to profit-taking activity, NEAR accumulation continues to grow. Key momentum indicators also reflect that buying continues to outpace selling in the NEAR spot market.

Market Outlook

While NEAR’s price has traded above the upper band of its Bollinger Bands (BB) indicator, signaling that the market may be overheated, it’s important to note that reversals are common at this point due to challenges in sustaining the price rally. As of the latest data, NEAR’s Relative Strength Index (RSI) was 69.44, and its Money Flow Index (MFI) was 67.15, indicating a strong uptrend and favorable buying momentum.

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By Team