The native blockchain token of Near Protocol (NEAR) has been on a monthly rally, doubling in price to $2.1 since October 20.
The surge in price has been accompanied by a significant increase in trading volumes, with the RSI index on the daily chart entering the overbought zone.
In the beginning of 2023, the coin experienced a sharp rise to $2.7, but then began a long decline in March. On October 18, NEAR hit its lowest point of $0.98 before breaking through resistance and rapidly increasing in value.
Currently, NEAR has a market capitalization of $2.11 billion and trading volume of $400 million in the past 24 hours, as reported by CoinGecko.
According to NearBlocks, the number of unique addresses on the blockchain has increased by 5 million over the month, while the daily transaction count has remained steady at around 1.4 million.