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NEAR far from bearish belt bold? Its performance can answer

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A look at NEAR's performance in the last week
Source: Unsplash

In the last week, some key metrics of the Near Protocol registered growth while most recorded declines.

According to data from Near Week, between 18 and 24 July, the number of new addresses created on the protocol grew by over 500%.

However, the uptick in new addresses failed to translate into a growth in the index for active addresses on the protocol. Between 18 and 24 July, this dropped by 13%.

Also, seeing a decline in the period under review was the total transactions processed on the network. Between 18 and 24 July, this dropped from 460,275 transactions to 279,312 transactions, a 39% decline.

How did the network’s native token, NEAR, fare in the same period? Let’s take a look.

NEAR zero growth in 6-day period

As of 18 July, NEAR traded at $4.09. Pegged at $4.104 by 24 July, the token saw a mere 0.24% growth between 18 and 24 July.

Interestingly, on 19 July, the token’s price rallied to a high of $4.54. On the same day, the token’s trading volume touched a high of 719.65 million.

However, as the bears forced the price per NEAR token to $4.18 on 20 July, the trading volume steadily declined to be pegged at 250.76 million by 24 July.

Within the same period, the token’s market capitalization saw a 1% growth.

Source: Santiment

According to data from CoinMarketCap, the price of NEAR declined by 6.14% in the last 24 hours of press time.

At the time of writing, the token exchanged hands at $4.11. On a 4-hour chart, the selling pressure for the token was building up.

In a downtrend, the Relative Strength Index (RSI) was 43.13 at press time. Also, at the time of writing, the Money Flow Index (MFI) was housed beneath the 50 neutral region at 41.10.

Source: TradingView

On-chain performance

On a social front, the token’s social dominance rose to a high of 1.17% on 19 July. Then, falling to 0.94% by 24 July, a 19% decline was registered within five days.

NEAR’s social volume declined by 17% within the same period. 

Source: Santiment

Further, between 18 and 24 July, developmental activity on the NEAR network grew by a mere 0.2%.

According to data from Near Week, after the index for new contacts on the Near Protocol marked a high of 1276 on 21 July, it declined by 98% by 24 July.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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