Near Protocol (NEAR) Sees User Exodus as Unique On-Chain Interactions Plunge by 15%

ThelastmonthhasbeenmarkedbyadeclineinnetworkactivityacrosstheNear(NEAR)protocol.Itsdailytransactionvolumehasdropped,causingitsnetworkfeesandrevenuetodip.

Near Protocol (NEAR) has seen a significant drop in its daily transaction volume over the last 30 calendar days, leading to a decrease in its network fees and revenue. The protocol’s native token, NEAR, has also seen a double-digit decline in value over the last 30 calendar days.

Near Protocol Sees Mass Exodus

Near has seen a notable decline in demand over the last 30 calendar days, with the number of unique on-chain interactions with the protocol completing during that period plunging by 15%. As of June 24, the total number of transactions completed on Near was 7.7 million. The decline in daily transaction count on NEAR is due to the decrease in the number of unique addresses interacting with the protocol. Since it peaked at 2.2 million on June 14, Near’s daily active addresses have since plummeted by 18%.

The substantially fall in Near’s demand in the last calendar month has severely impacted its network fees and revenue. During the period under review, Near’s transaction fees have totaled $24,000, falling by 38%. From this, a revenue of $23,000 has been obtained, recording a 30% decline.

NEAR Price Prediction: A Shift In Market Trend is Imperative

The decline in Near’s network usage over the last 30 calendar days has negatively impacted the performance of its native coin. NEAR trades at $5.27 at press time, and its value has declined by 30% in the past 30 calendar days. NEAR’s Moving Average Convergence Divergence (MACD) indicator shows a significant bearish bias toward it. At press time, the token’s MACD line (blue) rests under its signal (orange) and zero lines. Traders often use this indicator to identify trends and potential reversals in asset prices. When the MACD line crosses below the signal line, it suggests that the short-term momentum is weaker than the longer-term momentum. Coinholders interpret this setup as a signal to consider selling or avoid entering new long positions until there are signs of the MACD line crossing above the signal line and the zero line, which could indicate a potential reversal or a shift in market sentiment. If sentiment remains bearish, NEAR’s price may plunge further to trade under $5. However, if buying pressure picks up momentum and the trend shifts to bullish, its price may rally to $5.45.

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