NEAR Protocol Price Surge: Is It Just the Beginning of a Long-Term Bullish Trend?

NEAR Protocol has seen a significant price increase of 12%, driven by rising daily transactions and heightened network activity. The recent surge in trading volumes, coupled with growing Open Interest and positive funding rates, suggests a long-term bullish outlook for NEAR.

Near Protocol [NEAR] has been attracting significant attention from the crypto community, trading at $4.47 at press time after a notable 12% gain. This price surge comes amidst broader market support following the Federal Reserve’s decision to cut interest rates. NEAR’s trading volumes saw a 90% spike, indicating substantial buying activity and raising questions about whether this rally can be sustained.

Daily Transactions Surge on Near Protocol

Data from NearBlocks shows that NEAR’s daily transaction count is nearing a two-week high of 7.33 million. Just a week ago, daily transactions stood at 6.7 million, signaling growing network engagement. This increased activity has fueled demand for NEAR tokens, contributing to its price rise.

New addresses joining the Near Protocol blockchain have also grown significantly. At the start of the month, there were 687,000 new addresses. This number has surged to 900,000 daily new addresses since September 5th, highlighting growing interest and participation in the network.

DappRadar data shows that the rise in daily transactions is not solely from trading but also from decentralized applications (dApps). Monthly dApp transactions increased by 14% to over $182 million, although the volume of dApp activity has dropped by 54%, likely due to price fluctuations.

Open Interest Reaches Eight-Week High

NEAR’s rising Open Interest (OI) has further solidified the bullish outlook. At press time, OI has reached $184 million, marking the highest level since July 25th. This gradual rise in OI since early August indicates that traders are opening new positions with an expectation of future price gains.

In addition, NEAR’s funding rates have remained positive at 0.0112%, their highest since June. The increased demand for long positions suggests that traders are betting on NEAR’s continued upward momentum.

Data from Coinglass reveals that traders on Binance have predominantly taken long positions on NEAR since August, showcasing a positive bias toward the altcoin.

Big Data and AI Coin Growth Fuels Optimism

One of the key factors driving this bullish sentiment around NEAR could be the growing interest in Big Data and AI-related cryptocurrencies. Over the past month, the total market capitalization for AI and Big Data coins has risen from $22 billion to $32 billion, with NEAR dominating over 15% of this market.

With NEAR’s strong network activity, increasing transaction volumes, and growing derivatives interest, the current rally may just be the beginning of a broader long-term upward trend.

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