NEAR Protocol Price Surges Amid Bullish Inverted Head & Shoulder, ATH Active Addresses. Breakout Potential?

The crypto market has witnessed the impressive performance of NEAR Protocol, a decentralized application platform designed to make applications more accessible and affordable. As the world eagerly awaits the next wave of innovation in the blockchain space, NEAR Protocol has emerged as a frontrunner.

According to the latest market data, NEAR Protocol's native token, NEAR, has experienced a remarkable rally in 2024. The token's price soared from a low of $2.45 on January 23rd to a high of $9 on March 15th, recording an impressive 265% gain in less than two months. While the price has since experienced a correction, finding support at a demand zone around $4.3, the overall trajectory remains firmly bullish.

NEAR Protocol's market cap currently stands at an impressive $7.6 billion, ranking it as the 17th largest crypto asset by market cap. Its current price is $7.34, a 7.29% gain in the last 24 hours. The trading volume over the last 24 hours has also been strong, with a surge of 67% to record $467 million in transactions, placing NEAR among the top 21 cryptos in terms of trading volume.

Ecosystem Growth and Active Addresses

One of the most promising indicators of NEAR Protocol's success is the growth of its ecosystem and the increasing number of active addresses. As of late April 2024, the number of active addresses on the NEAR Protocol surged to an all-time high of 2 million, solidifying its position among the top blockchains by active user base. This remarkable growth is a testament to the platform's popularity and the widespread adoption of its decentralized applications.

NEAR Technical Analysis

From a technical perspective, NEAR Protocol's price action has been nothing short of remarkable. After recording a low of $2.45 on January 23rd, the price rallied to a high of $9 on March 15th, recording a 265% gain in less than two months. Since then, the price has corrected lower by 52%, finding support at a demand zone around $4.3 and filling a fair value gap that arose from the demand zone.

Notably, the $4.3 low also marked the head of an inverted head-and-shoulder pattern, a bullish technical formation that signals a potential reversal of the downtrend. NEAR Protocol's price has continued to rally since forming this pattern, testing the neckline resistance at $7.5 before pulling back to create the right shoulder around the $6 level.

Currently, NEAR Protocol seems to have found solid support within a favorable range, and this accumulation phase appears to be setting the stage for a significant bullish movement. Anticipating a substantial surge, analysts foresee the potential for a considerable uptick in the token's value.