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Blockchain networks embarked on monthly maintenance journeys as May ended, and Near Protocol tweeted (June 2) that the network registered surged growth and traction over the month.
The Protocol confirmed processing around 25,265,452 transactions in May, translating to a 13% surge from figures presented two months ago. Moreover, it revealed handling over 160,086,889 transfers since Near Chain’s launch.
Moreover, the post showed the platform enjoying a 256.3% surge in new accounts in May. That had NEAR’s wallets climbing to 13,231,951. It added that the Chain has around 472,468,347 NEAR tokens staked so far. However, how did May’s protocol growth impact NEAR price performance? Let us go deeper.
NEAR Price Action
Though Near Protocol recorded substantial network growth in May, its native coin didn’t see much in price surge. Welcoming the month at around $10.3, NEAR saw its price plunging by 48% within 30 days. While publishing this blog, the alternative token traded at $5.30, recording a 2.7% drop over the previous 24 hours.
Moreover, May’s sessions saw a continued battle to overpower bears. NEAR token had the Money Flow Index and the Relative Strength Index camping blow the 50 neutral territories.
Also, the entire month saw surged selling momentum, translating to price struggles. While writing these lines, the RSI swayed at 36. On the other side, the MFI hovered around 40.
Red bars by the Moving Average Convergence Divergence also confirmed bearish tendencies that plagued NEAR in May. Nevertheless, the MACD and trend-line intersected with an upside curve on May 22. As prices remained down, this shows oversold conditions and likely corrections for Near Protocol.
Also, NEAR’s market cap saw losses within the timeframe under review. At above $6.97 billion as the month started, the alt had its market capitalization losing 46% within 30 days.
Social and Developmental Activity
Surprisingly, the NEAR token saw steady declines in developmental activity despite multiple achievements in May. The index welcomed the month at 208 before a 14% monthly plunge pegged at 178.
Meanwhile, the token’s social dominance maintained gradual uptrends. That translated to a 1.25% high on May 30. Nevertheless, reversals pushed it towards 0.856% at this publication. Also, the social volume hit the 955 high on May 30, translating to a 33% surge from 662 on May 1.
Editorial credit: Ira Lichi / shutterstock.com