NEAR Price Soars 18% in 24 Hours: Is a Bullish Trend on the Horizon?

• NEAR makes an 18 percent price surge in just 24 hours as analysts observe bullish signals in various technical indicators. 

• According to analysts, the asset has enough liquidity to support an upward surge. 

The native token of the NEAR Protocol is back in the news after recording its highest price from year to date by surpassing $2.54. In the last 24 hours, NEAR has made a whooping surge of 7.21% to trade at $2.91. It is important to note that the asset earlier had a 24-hour gain of 18% before recording a marginal pullback. As of press time, NEAR had a weekly surge of 28%, bringing its three-month price surge to 161.07%.

The current price move is in line with the intersection of the MACD line with its trend line. On the daily chart, analysts observed that this happened on December 19 during the intraday trading. 

According to analysts, the crossing of MACD above the trendline is an indicator of a potential bullish run. Another look at the NEAR’s Relative Strength Index (RSI) showed an overbought reading at 70.28 percent. The Money Flow Index (MFI) also indicated a bullish trend with a reading of 68. These imply that buyers are currently in control of the market, resisting the force of sellers to drag the market in the opposite direction. 

Another interesting observation is that the asset was supplied with enough liquidity that positions it for an upward surge. This is supported by the current reading of Chaikin Money Flow (CMF). Artemis has also observed that the blockchain has recorded an increasing network activity since the beginning of December.

Near Records Increasing Daily Active Addresses

At the time of writing, the daily count of unique wallet addresses making on-chain transactions on the network was up by 975%. The number of daily active addresses on the NEAR network had increased from 93,000 to more than 1 million between December 1 and December 19. This has influenced transaction count which has also increased by 169% since December 3. 

There was a significant surge in NEAR usage last month according to data. This has largely affected the DeFi total value locked (TVL) which has increased from 23 percent from the beginning of the year. The TVL is currently at its nine-month high according to current data. 

NEAR Protocol is known for encouraging computer platforms to run a network for developers to build DApps. Its native currency is used to settle transaction fees, store payments, and run apps. 

NEAR Protocol has been predicted to finish the year at $3.60. On average, the asset is expected to hit $4.50, or even go as high as $5.40 by December 31. 

December has so far been a good month for most altcoins as Solana made a 13.8% surge in the last 24 hours after slightly pulling back from its impressive run. Solana has so far made a 21% surge in the last seven days and also recorded an upward surge of 340.22% in the past three months to hit $86. 

Avalanche (AVAX) has also seen a price growth of 8% in the last 24 hours to trade at $44. Within the same period, Polkadot (DOT) has surged by 7% to trade at $7.