Following a strong week with a 17.12% price surge, Near Protocol (NEAR) is experiencing a loss of momentum. The asset has seen minimal price movement in the past 24 hours, with a negligible 0.18% increase.
Weakening Interest Signals Potential Price Drop
Market sentiment surrounding NEAR appears to be shifting towards bearish conditions. A key indicator of this is the sharp decline in the number of active addresses on the Near Protocol network. According to Artemis, this figure has plummeted from 4.2 million on January 1st to 3.2 million at the time of writing. This decrease in active addresses suggests a decline in user engagement and trading activity, which could exert downward pressure on NEAR’s price.
Conclusion
Given the current market dynamics, including waning interest and declining user activity, NEAR may be poised for a potential price correction.
January 2025, Cryptoniteuae
