In the last week, while other networks or Protocols complained of either terrible price or on-chain performance and security breaches, the NEAR protocol appeared to have made significant strides according to its weekly newsletter.
Amongst other significant growth to the Protocol, reportedly, the number of unique contracts and daily growth of new wallets on the NEAR Protocol network surged, with 697K new accounts created in one day. This represented an ATH recorded on 6 May.
Now, you might ask- In light of these developments, how did the Protocol’s native token, NEAR perform within the same window period?
No corresponding growth
At 47% below its all-time high (ATH) of $20.426 recorded five months ago, the NEAR token appeared to have seen better days. With a 7% loss recorded on the price front in the last 24 hours, the token stood at $10.61 at the time of writing.
Notably, between 2- 8 May, the NEAR token declined by 9% from $11.7 to $10.61.
Source: CoinMarketCap
Further to this, price movements showed that the bears had an upper hand within this time frame. For the period under review, bearish movements were spotted with the 50 EMA maintaining a position above price for the past one week.
Also, the RSI and the MFI for the token maintained a position below the 50 neutral region towards oversold regions. They both stood at 40.28 and 37.17 respectively at press time.
Source: TradingView
In addition to these, the market capitalization recorded a 10% decline within the same time period. Standing at $7.2 billion at the time of writing, the token shed 7% in the last 24 hours.
Source: CoinMarketCap
With a 79.53% spike in trading volume in the last 24 hours without a corresponding gain in price, investors appear to be exiting their positions. In fact, they appear to have been doing so gradually in the last seven days.
A glimmer of hope
Away from the gloominess of the price charts, data from the chain provided a bit of hope for NEAR holders.
On a social front, the last seven days were marked by a steady decline in the token’s social volume. However, at press time, this stood at 857, a 45% spike from the index recorded two days ago.
Similarly, on an uptrend at the time of writing, the period between 2-8 May was marked by a steady decline of the social dominance for the token.
Source: Santiment
Despite the series of developmental strides recorded by the NEAR Protocol between 2 May and 8 May, the count for Development Activity on the chain went on a steady decline. However, at the time of writing, it appeared to have taken on an uptrend marking a spot at the 28 region.
Source: Santiment
