The NEAR protocol aims to focus on aggressive growth in these areas
- NEAR revealed that its long-term adoption goal is to have over one billion users.
- The network has maintained healthy development activity over the past six months.
It’s been a whole year in 2022 since the bears have taken over the market, leading to a massive outflow of liquidity. Most blockchain companies therefore had more time to focus on building and NEAR Protocol is one of them.
Read NEAR Protocol [NEAR] price prediction 2023-2024
The NEAR protocol reiterated its strong and aggressive focus on continued growth in the months ahead. Its latest event dubbed the “Moving Forward” Strategic Call revealed the areas Near Protocol intends to focus its attention on. Here are some key points that can help provide a good understanding of the current direction of the protocol.
1/ Hey $NEAR-ians 👋,
Our intern took some notes on @NEARProtocolStrategic call to move forward.
Read on 👇
— NEAR INDIA (@NearIndia) December 22, 2022
NEAR revealed that its long-term adoption goal is to have over one billion users. It intends to achieve this goal through a top-down approach with a target of 10 million new users per month.
Such a target suggests that the network already averages new monthly users in this range. Aspirations this high will require the network to focus aggressively on development.
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Speaking of development, the network will have to redouble its efforts to facilitate the actualization of these targets. So far, it has maintained healthy development activity over the past six months.
Source: Santiment
Despite good levels of development activity, the network experienced a substantial drop in volume. Development activity is expected to remain high in line with NEAR’s growth objectives.
The network intends to maintain this growth through decentralization. It plans to give more control to individual nodes, especially those operated by DAOs that handle development aspects.
Dance with the bulls
But can these NEAR protocol strategies facilitate a resurgence in strong demand for the NEAR token? A glance sentiment metrics reveals that market sentiment has indeed reached some recovery over the past seven days. Weighted sentiment recorded an upsurge during this period.
Source: Santiment
At the same time, we saw a slight increase in Binance’s funding rate, which suggests that the demand for NEAR in the derivatives market has improved. This is particularly important for NEAR’s price action, especially at its current position.
NEAR was trading at $1.285 at the time of writing, which was still in the lower monthly range. the bearish price action this month has pushed it into oversold territory, hence the perfect time for a change in sentiment.
Source: Trading View
It is unclear whether the market will continue to decline heading into 2023. NEAR’s current situation is still a good position for a bounce and a healthy discount.
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