NEAR falls after rally thanks to AI tweets

Artificial intelligence (AI) is definitely the biggest trend in 2023, and many investors are currently very interested in AI encryption projects. Near Protocol is certainly no exception remind They have been exploring or supporting AI development for quite some time.

“Near Protocol can be the infrastructure to support the next generation of AI use cases. It creates a value layer for establishing rules and pricing data for use by different applications and protocols in an open, fair and transparent manner.”

Near revealed that the NEAR Cloud dApp has thousands of users from all over the world who have been learning about AI for some time. It’s also one of the oldest apps on Near Protocol. DApps (Decentralized Applications) have been running since 2021 and are used to label data points which are then used to train machine learning models.

As a result, Near has been involved in AI development for almost two years. But will this push altcoin NEAR to perform well in the short or long term? Looking at some on-chain performance metrics may partially answer this question.

Development activity on Near has dropped significantly over the past 2 weeks and has not recovered at the time of writing. This follows a strong development period for the project beginning in January 2023.

near agreement

source: Santiment

But a drop in developer activity isn’t the only indicator of a slowing economy. NEAR price volatility has also decreased significantly since the last week of January, falling to a new monthly low at press time. Things don’t look much different in terms of investor sentiment.

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As of press time, NEAR’s funding rate on Binance has remained flat for the past few days. This shows that investor sentiment in the derivatives market remains unclear. Meanwhile, weighted sentiment has declined since the start of the year, confirming that investors are leaning to the downside.

near agreement

source: Santiment

If the overall trend of the market enters an area of ​​uncertainty or selling pressure, some downside movement is possible. This is more likely because the chart at the time of writing shows a price-RSI divergence, which is generally considered a bearish signal.

source: transaction view

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Ming Ying

According to AMBCrypto

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