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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.