The NEAR protocol has grown significantly over the past few months, both on the chain and on assets. However, May has been brutal in the crypto market, with almost all tokens crashing and trying to recover their losses.
But as things get better, the eyes are now on NEAR. Especially because they are ready to leave their mark in the crypto space.
NEAR before the jump
After surviving this month’s crash, NEAR hasn’t really recovered at all. Instead, it slid further down the chart and traded at $6.15, well below the $6.40 close when it crashed on May 11th. (See NEAR price action image).
Conversely, the chain is doing better in terms of DeFi than the spot market. Locked total value is still $100 million from its peak, but has recovered over $50 million over the past two weeks.
This is because NEAR is paying attention to its preference in the DeFi market with the support of the crypto space. Designed to support the EVM and scale the protocol on the NEAR chain, Aurora Labs recently announced a $90 million fund to support the growth of dApps.
NEAR is also trying to get the world’s attention by launching a fundraising campaign for humanitarian aid to Ukraine.
A challenge named Walk for Ukraine is working with SweatEconomy to reward users with Sweatcoins. This will be donated to Ukraine to help those affected.
This triggered the first signs of possible recovery on the chart, and the parabolic SAR represents the first solid signal of an uptrend. This could be supported by the ADX gaining power to keep the momentum going.
It will also serve as support for the altcoin’s northward momentum as the RSI recovers from its oversold territory.
This could also play a big role in changing the behavior of investors in Rainbow Bridge, where withdrawals have dominated deposits.
In particular, Ethereum recorded more withdrawals at the start of May. Throughout April, the bridge observed much more sediment.
Therefore, investors looking to jump into the opportunity are advised to wait for the investor’s bullishness to become clearer.
Also, the asset’s risk-adjusted return is at an all-time low of minus 5.28. This puts investors in a difficult situation as they may not be getting the returns they expected.