- NEAR revealed that its long-term adoption goal is to have over a billion users.
- The network has maintained healthy development activity over the past six months.
It was quite a year in 2022 as the bears took over the market, leading to a massive liquidity exodus. So, most blockchain companies have had more time to focus on building and NEAR Protocol is one of them.
Read NEAR protocols [NEAR] price forecast 2023-2024
The NEAR Protocol reiterates its strong and aggressive focus on pursuing growth in the coming months. The latest event called the “Go Forward” strategy call revealed the areas Near Protocol wants to focus on. Here are some key points that can help you understand the current direction of the protocol.
1/ Hey $ CLOSE-ians 👋,
Our intern took some notes @NEARProtocolGo Forward strategy call.
Read more 👇
— NEAR India (@NearIndia) December 22, 2022
NEAR revealed that its long-term adoption goal is to have over a billion users. It aims 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 has an average of new monthly users within this range. Such lofty ambitions require the network to aggressively focus on development.
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Speaking of development, the network will have to double its activities to facilitate the realization of those goals. So far, it has maintained healthy development activity over the past six months.
Despite a healthy level of development activity, the network experienced a significant volume decline. Development activity is expected to remain high in line with NEAR’s growth targets.
The network aims to maintain this growth through decentralization. It plans to devolve more control to individual nodes, especially those run by DAOs that handle development aspects.
Dancing with the bulls
But can the strategies of this NEAR Protocol facilitate a resurgence of strong demand for the NEAR token? A look at the sentiment statistics shows that market sentiment has indeed seen some recovery over the past seven days. Weighted sentiment experienced a revival during this period.
At the same time, we saw an increase in the Binance funding rate, suggesting that demand for NEAR in the derivatives market was improving. This is especially important for NEAR price action, especially at the current position.
NEAR was trading at $1,285 at the time of writing, which was still within the lower monthly range. The bearish price action this month pushed it into oversold territory hence the perfect time for a sentiment change.
It is unclear whether the market will continue to decline as 2023 approaches. NEAR’s current situation is still a nice position for a rebound and a healthy discount.