NEAR (a layer 1 blockchain token) saw a price drop on November 7, but on-chain indicators suggest it is resilient.
NEARCON 2023, an event that brings together Web3, DeFi, and blockchain experts, is taking place today (November 7) and may be a catalyst for NEAR’s resurgence.
Considered one of the biggest Web3 events of the year, NEARCON takes place on November 7th in Lisbon. The conference ends on November 10 and includes a week-long hackathon.
The conference attracts developers, Web3, DeFi and blockchain experts and protocols built within the NEAR ecosystem. With the NEARCON conference underway, NEAR prices fell nearly 3% on the day after rising 16% this week.
It is possible that the event was a “semi-real” transaction, however, it is also possible that NEAR price recovered based on on-chain indicators.
On-chain indicators point to price recovery
Three key on-chain metrics help determine near-price trends: social dominance, development activity, and transaction volume.
Social dominance is an on-chain metric that shows how dominant an asset is in the conversation on a platform like X. This helps determine the need and relevance of the asset.
According to data from cryptocurrency tracker Santiment, NEAR’s social media dominance increased from 0.68% to 0.74% between November 4 and 7. Mentions of NEAR have increased in conversations on social media platforms, reinforcing the bullish thesis.
Social dominance and near price
Recent development activity on the NEAR blockchain has reached a three-month high, as shown in the chart below. With the emergence of NEARCON, blockchain development has surged, and the correlation with NEAR’s bullish outlook continues to grow.
Development activities and recent prices
NEAR trading volume has continued to grow over the past three months, increasing from $39.75 million on October 7 to $79.5 million on November 7. Transaction volumes have nearly doubled in the past three months. Last month, this could support NEAR’s argument for a price recovery.
Volume (MA30) and price are close
As of this writing, NEAR is trading at $1,536 and may soon start to recover.
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According to fxstreet