NEAR, ‘far wherever you are,’ whales, pigs, wolves get ready to take…

ambcrypto.com:

In the last week, while other networks or Protocols complained of either terrible price or on-chain performance and security breaches, the NEAR protocol appeared to have made significant strides according to its weekly newsletter.

Amongst other significant growth to the Protocol, reportedly, the number of unique contracts and daily growth of new wallets on the NEAR Protocol network surged, with 697K new accounts created in one day. This represented an ATH recorded on 6 May.

Now, you might ask- In light of these developments, how did the Protocol’s native token, NEAR perform within the same window period?

At 47% below its all-time high (ATH) of $20.426 recorded five months ago, the NEAR token appeared to have seen better days. With a 7% loss recorded on the price front in the last 24 hours, the token stood at $10.61 at the time of writing.

Notably, between 2- 8 May, the NEAR token declined by 9% from $11.7 to $10.61.

Source: CoinMarketCap

Further to this, price movements showed that the bears had an upper hand within this time frame. For the period under review, bearish movements were spotted with the 50 EMA maintaining a position above price for the past one week.

Also, the RSI and the MFI for the token maintained a position below the 50 neutral region towards oversold regions. They both stood at 40.28 and 37.17 respectively at press time.

Source: TradingView

In addition to these, the market capitalization recorded a 10% decline within the same time period. Standing at $7.2 billion at the time of writing, the token shed 7% in the last 24 hours.

Source: CoinMarketCap

With a 79.53% spike in trading volume in the last 24 hours without a corresponding gain in price, investors appear to be exiting their positions. In fact, they appear