- NEAR recorded 3 million daily active addresses in Q3 2024.
- Addresses are showing interest in NEAR as AI tokens outperform the broader market.
Artificial intelligence (AI) cryptocurrencies have seen significant growth, with most of them, like Bittensor (TAO) outperforming the broader cryptocurrency market.
Besides TAO, the other AI-related crypto that has seen significant growth is NEAR Protocol (NEAR).
Over the past 30 days, NEAR has gained 25%. These gains were driven by network growth, increased usage and interest.
During the third quarter of 2024, the number of daily active addresses on the NEAR protocol reached 3 million by CryptoRank, ranking it as the top network by this metric.
In comparison, the second and third networks by this measure, Solana (SOL) and Tron (TRX), recorded 2.4 million and 2.1 million daily active addresses, respectively, during the quarter.
Source:
This growth has coincided with the growth of the AI crypto sector. According to a recent report from DappRadarAI-related decentralized applications (dApps) saw 71% growth in Q3 compared to Q2.
Additionally, AI dApps reported an average of 4.3 million unique active wallets per day, which also indicates the growth of the industry.
As the AI crypto sector continues to grow, will NEAR form a bullish leg or will the price continue to succumb to broader market sentiment?
NEAR Price Analysis
NEAR was trading at $4.87 at press time following a 2.36% drop in 24 hours. Trading volumes also decreased by more than 30% according to CoinMarketCap, showing a lack of market participation.
NEAR has been on a bearish streak since the beginning of the month, as shown by the Moving Average Convergence Divergence (MACD) indicator.
The MACD line is moving below the signal line, indicating a downtrend. The downtrend is also visible in the red bars of the MACD histogram.
Source: TradingView
Buyers are also inactive, with the Relative Strength Index (RSI) at 51 showing neutral market sentiment. However, the RSI line below the signal line shows that the momentum is bearish.
If the bears continue to take control, the price will likely drop to test the support level at the 0.236 Fibonacci level ($4.761).
Conversely, if buyers step in, NEAR will likely reach the next resistance level at $5.31, after which the price could target prices above $6.
Read NEAR Protocol (NEAR) Price Forecast 2024-2025
While technical indicators show that the current momentum is bearish, the long/short ratio on Binance shows that traders are betting on an upward recovery.
According to Coinglass, 71% of accounts on Binance had taken long positions, while only 28% were short accounts.
Source: Coinglass
