NEAR Protocol is about to hit 46 million monthly active users (MAUs) by May 2025! This achievement cements NEAR Protocol’s place as the second-largest Layer-1 blockchain behind Solana. As promising as the rise in user activity seems, the protocol’s native token is currently in one of the worst market trends it has ever experienced.
User Growth and Market Position
The NEAR Protocol has proven itself to be more than capable of staying a step ahead in the cut-throat competition that is the Layer-1 blockchain space. This success is due to its ongoing improvements and a focus on the user experience. This emphasis on user experience has helped to enable accelerated growth and adoption of the NEAR Protocol. Whether or not this is a sustainable success, the rapid reception of this protocol speaks to the burgeoning allure that can be found in blockchain.
Though its ecosystem has experienced impressive user growth, NEAR Protocol’s native token is sailing against the wind. The token’s current price is $2.37, pushing its daily losses to 6.30%. This price point is under its 50-day and 100-day exponential moving averages (EMAs). This third trend is a clear indicator of a bearish market.
Price Analysis and Future Outlook
The current support level for NEAR Protocol’s token is at $2.20. Whether it can maintain this level will be key to its immediate price direction. If the token can hold this support line, there is a chance for near-term price recovery.
If support above $2.20 is not held then a deeper drop may be ahead. Investors and users alike await the token’s launch to see whether it makes sense to invest or use the token. The recent price retracements serve to underscore the extremely volatile and unpredictable nature of the cryptocurrency market, even for protocols boasting impressive adoption metrics.
