As a seasoned crypto investor with over a decade of experience in this volatile market, I find myself increasingly impressed by NEAR’s resilience and potential. Despite the broader market dipping by 2%, NEAR has managed to rally almost 23% since last week, underscoring its robustness and adaptability.
Despite a 2% drop in the market today, NEAR has managed to surge ahead. As per CoinGecko, NEAR, the token from its platform, has seen nearly a 23% increase in value since last week. This strong performance is primarily attributed to favorable on-chain activities, indicating that NEAR has the strength to maintain its current market standing.
Just recently, NEAR announced that Nightshade 2.0, NEAR’s touted “novel sharding design”, was deployed on the platform’s mainnet, improving the already robust and reliable system users have been enjoying for years.
Nightshade 2.0 Brings New Light To The Validators
As per a recent blog update, the network has undergone an upgrade, introducing stateless validation and a novel sharding architecture for the protocol. This new design enhances the single-shard performance of the network significantly. Currently, NEAR boasts six shards operational on the network, aiming to reach ten by year’s end.
It also lowers hardware requirements to become a validator. Nightshade 2.0 improved the validator experience by omitting the need to track all of NEAR’s shards, stimulating the growth of the validator side of the crypto.
“Bowen Wang, Head of Protocol at NEAR One, stated that the recent development in sharding technology will open up a path for substantially boosting the speed at which transactions can be processed for our coin,” is one way to paraphrase the original statement. This version maintains the meaning and clarity while using simpler, more conversational language.
As per Illia Polosukhin, Co-Founder of NEAR Protocol and the CEO of the NEAR Foundation, the network update addresses the core challenge faced by many L1 networks regarding scaling without compromising user-friendliness and safety.
Rejection Candle Forms Marking Start Of NEAR Correction Phase
Due to today’s trading causing the market to slide, NEAR is presently showing a downward trend on the price chart. The resistance at $5.2 has caused the token to be pushed back, shifting the immediate momentum towards the bears. Consequently, it seems that temporary losses might occur.
As a researcher studying the cryptocurrency market, I’ve noticed a downturn that seems to be favoring the bears. This market dip could potentially impact the overall performance of various cryptos, especially if the bearish sentiment persists. However, recent advancements in NEAR have shown promise in mitigating fear, uncertainty, and doubt within the crypto community. These developments, I believe, will contribute positively to the network’s growth in the long term, offering a potential respite from the broader market dip.
Once Nightshade’s effect matures, NEAR will have a solid base for investor confidence to stand on.
Currently, NEAR could follow one of two plausible trajectories over the short term. If the market recovers swiftly from its current downturn, there’s a chance that NEAR could surpass $5.7 in the near future. Conversely, if the downturn deepens, NEAR might revert to around $3.8. In a pessimistic outlook, it could potentially dip as low as $3.0 if the market conditions deteriorate further.
At present, it’s advisable for investors to keep a close eye on overall market trends, as even small shifts can impact the performance of alternative cryptocurrencies (altcoins).
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2024-08-25 20:10