The NEAR Protocol has recently experienced a notable decline in network activity, leading to a significant drop in its token value. Over the past month, the daily transaction volume on the NEAR network has decreased, causing network fees and revenue to fall. As of June 24, the number of transactions completed on NEAR was 7.7 million, a 15% decrease from the previous month.
User Exodus and Activity Decline The number of unique on-chain interactions has also plummeted, with daily active addresses dropping by 18% since peaking on June 14. This decrease in activity has significantly impacted NEAR’s transaction fees, which have totaled $24,000 in the last month, marking a 38% decline. Consequently, the network's revenue has also seen a 30% decrease, amounting to $23,000.
Price Impact and Technical Indicators The NEAR token’s price has suffered, trading at $5.27 at press time, down by 30% over the past 30 days. The Moving Average Convergence Divergence (MACD) indicator shows a bearish bias, with the MACD line below the signal and zero lines, suggesting potential further declines.
Market Sentiment and Future Outlook The bearish sentiment may push NEAR's price below $5 if selling pressure continues. However, if buying pressure increases, the price could rally to $5.45. Investors and traders are advised to watch for signs of market sentiment shifts to make informed decisions.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
