NEAR price eyes recovery as NEARCON ‘23 goes live on November 7

• NEARCON 2023, an event bringing together Web3, DeFi, and gaming experts, is scheduled from November 7 to 10 in Lisbon.
• NEAR protocol’s on-chain metrics point at recovery in the token, following the recent correction in price. 
• The Layer 1 blockchain token’s price corrected lower, early on Tuesday, after yielding 16% weekly gains. 

NEAR, a Layer-1 blockchain token, noted a decline in its price on November 7, however, NEAR’s on-chain metrics point to the potential for a recovery.

NEARCON 2023, an event focused on bringing together Web3, DeFi and blockchain experts goes live today, and could prove the catalyst for the Layer-1 token’s recovery.

Also read: Near Protocol attracts $40 million in investment as NEAR price rallies 65% ahead of developer conference

NEARCON ‘23 goes live 

NEARCON, considered one of the largest Web3 events of the year, went live in Lisbon on November 7. The conference ends on November 10 and the event features a week-long hackathon. 

The conference attracts developers, Web3, DeFi and blockchain experts, and protocols built in the NEAR ecosystem. With the NEARCON going live, the Layer-1 blockchain token noted a decline in its price. NEAR price corrected nearly 3% on the day, after 16% weekly gains on Binance.

It is likely that the event turned out to be a “sell the news,” trade, however, there is also a likelihood of price recovery according to bullish on-chain metrics. 

NEAR on-chain metrics point towards price recovery

Three key on-chain metrics help determine the direction of NEAR price trend: Social dominance, development activity and NEAR trade volume. 

Social dominance

Social dominance is an on-chain metric that reveals the dominance of an asset in conversations across platforms like X. This helps identify the demand and the relevance of an asset. 

Based on data from crypto intelligence tracker Santiment, NEAR’s social dominance climbed from 0.68% to 0.74% between November 4 and 7. There has been an increase in NEAR’s mentions on conversations across social media platforms, and this supports a bullish thesis for the asset. 

NEAR social dominance and price 

Development activity

Recently development activity in the Layer-1 blockchain hit a three-month peak, as seen in the chart below. Closer to the NEARCON, there has been a spike in development on the blockchain. Rising development activity is correlated with a bullish outlook for the asset.

Development activity and price 

Volume

There has been a consistent increase in volume of NEAR traded in the past three months. NEAR volume climbed from $39.75 million on October 7 to 79.5 million on November 7. Volume nearly doubled in the past month, possibly supporting the thesis of recovery in NEAR price. 

Volume (MA30) and price

At the time of writing, the NEAR price is $1.536. The asset may well begin its recovery soon. For potential price targets, check this post.

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