• Near’s daily transaction has climbed to an all-time high.
• NEAR is currently overbought and might experience a correction.

The daily count of transactions completed on the Near blockchain [NEAR] recently clinched an all-time high of 1.68 million, information retrieved from The Block’s data dashboard showed.

According to the data provider, Near’s daily transaction count observed on a seven-day moving average began its uptrend on 16th October, to have increased by 30% as of this writing.  

The recent surge in daily transactions was due to an uptick in the demand for Near in the past few weeks.

Per Artemis, the daily count of unique wallet addresses that completed at least one transaction on Near rallied by 13% between 21st October and 19th November.

The increased demand for Near also impacted the protocol’s decentralized finance (DeFi) vertical. According to data from DefiLlama, the chain’s total value locked (TVL) witnessed a 21% growth in the last week and a 50% surge in the last month. 

State of NEAR

As of this writing, the protocol’s native coin exchanged hands at $1.92. Logging an 89% price growth in the last month, the coin last traded at this high in April, data from CoinMarketCap showed. 

Interestingly, while the general market has traded sideways

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Author: Abiodun Oladokun

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