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With a bull run gaining momentum, the NEAR token price targets $5.89, and the network’s unique accounts are nearing 1 million.
With a market cap of $5.56 billion, Near Protocol is experiencing a recovery rally, scaling up 9.49% in the last 24 hours. As demand for the NEAR token grows, trading volume has surged by 98% in the same period.
As the AI crypto segment rises to $36.29 billion, the top AI tokens are signaling a breakout rally. Among the top performers, the NEAR token has surged 24.26% in the last seven days, demonstrating significant upside potential.
NEAR Token Breakout Run
With a bullish breakout from a falling channel pattern, the NEAR price indicates a trend reversal. Starting from a low of $3.494, the Rounding Bottom Reversal has completed a Double Bottom Reversal.
Currently, the Reversal Rally approaches the neckline at the psychological mark of $5. With an intraday gain of 8.54% from the opening price of $4.52, the NEAR token forms a bullish engulfing candle.
Near Protocol Nears 1 Million Accounts as Transaction Fees Surge
Amid the broader market recovery and the NEAR token price increase, the growth of the NEAR Protocol is reaching new heights. From early September, the number of unique accounts on NEAR Protocol has risen from less than 700,000 to nearly 1 million, currently standing at 990,440 unique accounts.
Along with the increasing number of unique accounts, the total transaction fees on NEAR Protocol surged in September. After dipping to $13,017 (or 3,747 NEAR tokens) on September 22, it has skyrocketed to $20,379 (or 4,366 NEAR tokens) amid increased activities.
As both transaction fees and unique accounts increase, the overall network health of NEAR Protocol is remarkably improving.
Will NEAR Token Price Hit $6?
The bullish engulfing candle marks a post-retest reversal from the broken resistance trendline, surpassing the 23.60% Fibonacci level. Based on Fibonacci levels, the next resistances are at the 38.20% and 50% levels, which stand at $5.32 and $5.89, respectively.
Conversely, a failure to break above the $5.30 mark could lead to a decline to $4.62.