NEAR Protocol Surpasses Tron and Solana with 3 Million Active Addresses
In Q3 of 2024, CryptoRank reported that NEAR Protocol had 3 million active addresses daily, solidifying its position as a significant player in the blockchain industry. This number surpasses both Tron (2 million) and Solana (2.4 million) during the same period, indicating the growing influence of NEAR.
The rise of NEAR is part of a larger trend in the AI cryptocurrency market, highlighting the increasing integration of blockchain and artificial intelligence. This synergy is driving technological advancements and user engagement in these spaces.
AI dApps Fuel User Engagement on NEAR
User engagement on NEAR has been driven by the rapid growth of AI-related decentralized applications (dApps). DappRadar’s data shows a 70% increase in AI dApps in Q3, attracting 4.3 million daily unique active wallets. This trend has prompted NEAR Protocol to collaborate with industry giants like Nvidia and Alibaba to enhance its AI capabilities.
By embracing AI technologies and expanding its ecosystem, NEAR Protocol is at the forefront of innovation in the blockchain landscape. While the ecosystem continues to grow positively, market sentiment remains cautious due to a 2.36% price decrease to $4.87 and a significant drop in trading volume.
Market Challenges and Price Fluctuations
The recent price challenges faced by NEAR can be attributed to overall market conditions rather than the protocol’s intrinsic value. Despite strong user engagement and strategic collaborations, NEAR experienced a 0.4% reduction in circulating supply, totaling 1.11 billion tokens. The protocol’s market capitalization is now $5.42 billion, ranking it 23rd overall in the market.
Potential for Price Rebound
The price forecast for NEAR shows promising signs in the medium term. Technical analysis predicts an upward trend in the next seven days, with the token trading well below its projected value for the following month. Over a three-month period, a 240% price increase is expected, reflecting positive market sentiment and increased adoption.
Longer-term projections also appear favorable, with a projected 178% growth in six months and a 165% increase over one year. Despite short-term fluctuations, NEAR’s long-term outlook remains positive. Investors should monitor ecosystem developments and AI trends to gauge the protocol’s price trajectory.
Featured image from Pexels, chart from Avark
