NEAR Inches Closer to New ATH As Addresses Grow by 139% in Q1 2022

Key Insights:

• Near Protocol launched its awareness-focused Foundation to support the development of projects.
• At the same time, it registered the highest growth in addresses for Quarter – 1 of 2022.
• Consequently, the price has risen by over 25% since yesterday.

NEAR was almost considered a blimp on the radar after it defied the market trend and marked an all-time high (ATH) in January.

But the altcoin managed to pull back up as March began, and as a result, it is close to breaking the ATH today, fuelled by some significant ecosystem developments.

NEAR Is Pretty Near $20

Yesterday, the NEAR Protocol launched the NEAR Foundation with the aim of establishing an ‘open web world’. And to achieve that, the Foundation will be spreading awareness, supporting projects, and providing a clear path to decentralization on the NEAR Protocol.

And not only is this a step in the right direction but it also comes at the right time, given the community’s support for the protocol is at its highest.

In the last three months, which marked the first quarter, NEAR observed a stark growth in its user base, which shot up by 139%, from 2.2 million to 5.3 million.

NEAR outperformed most of the other up-and-coming DeFi blockchains, as the likes of Crypto.com, Fantom and Avalanche were far below NEAR’s growth.

Talking about growth, NEAR hasn’t been far behind when it comes to price action. In the last 24 hours alone, the altcoin appreciated by 25.26% and stood only 4.24% away from marking a new all-time high.

Since the last one was at $20.2, the altcoin will naturally breach the $20 level soon.

 

Plus, it has the support of the market since price indicators are pointing towards a bullish narrative. The Parabolic SAR was about to establish a downtrend, but the same was invalidated by the green candle yesterday, thus moving the white dots of the SAR underneath the candlestick.

Furthermore, the MACD is continuing its bullish rise with the indicator line (white) keeping above the signal line (red), supported by the green bars.

Thus, NEAR certainly has room for more growth at the moment unless broader market cues end up raining on the altcoin’s parade.

Investors Seem Excited

It isn’t surprising to see so many new investors in these last few months, and it won’t be surprising still if the streak continues over the coming weeks. And looking at the state of the market, these investors couldn’t be coming in at a better time.

At the moment, the Sharpe Ratio, which indicates the risk-adjusted returns of an asset, is at its seven months highest at 6.47. This places NEAR in a very appealing position, and for the same reason, we could note higher inflows throughout April.