As a researcher with a background in blockchain technology and crypto analysis, I’ve been closely monitoring the market trends and performances of various projects during this current bull run. NEAR Protocol (NEAR) has caught my attention due to its impressive partnerships and developments that have fueled its remarkable growth.
In the midst of cryptocurrency’s current market upswing, projects such as NEAR Protocol (NEAR) are making strides with fresh collaborations and advancements. The impressive progression of NEAR has crypto experts speculating that its token could be on the verge of a substantial price increase.
Is NEAR Protocol A “Market Leader”?
During the initial stage of the week, the crypto expert at World of Charts identified a bullish flag formation on NEAR‘s monthly price chart. This signal, as interpreted by the analyst, could potentially lead to an upswing of approximately 60-65% in the ensuing days if the breakout proves successful.
Thursdays saw NEAR attempting to surpass the $7.00 resistance during its price journey, briefly touching and even exceeding $7.50. However, by the close of trading, it retreated from those heights.
The analyst, in agreement with his earlier prediction, indicated that if the token manages to stay above its resistance level, it might lead to a price increase towards the range of $14 to $15. Following this forecast, the token has continued to trade above $7.00, fluctuating between $7.3 and $7.1.
As a crypto investor keeping a close eye on market trends, I’ve noticed that NEAR has shown remarkable strength among other cryptocurrencies this past week. Following the analysis of Bluntz, I believe this token is set to be one of the first to reach new peaks after bouncing back strongly from its lows.
Additionally, he views NEAR as one of the stronger contenders among the leading 20 cryptocurrencies. Earlier, this trader showcased a diagram depicting an ABC zigzag formation followed by an emerging impulse wave pattern.
From my perspective as a researcher, upon breaking through the $7,000 resistance level, I find myself reaffirming my outlook on NEAR‘s price movements. Given its current position in the market, I view NEAR as a key player and make it a point to highlight it as such.
“Despite a halt in progress for other things, the token persisted in advancing to new heights, amassing more value.”
Network Expansion And Price Surge
The NEAR Protocol is a user-friendly and carbon-neutral Layer-1 blockchain prioritizing superior performance, robust security, and impressive scalability. As claimed by its developers, this “blockchain for all” was meticulously designed with a strong emphasis on ease of use.
The total value locked on NEAR is $309 million, ranking it as the 16th largest blockchain in terms of this metric. Impressively, this figure represents a doubling of its TVL since the end of Q4 2023, when it held a position of 25th with a value of only $128 million.
The protocol frequently works together with other initiatives to broaden financial possibilities. For instance, NodeKit and TrueZK have recently adopted NEAR‘s Ethereum rollup solution, named NEAR DA.
On Thursdays announcement, the company revealed collaborations with Lulo X from Colombia and Peersyst Technology. These partnerships aim to reshape the boundaries of digital finance, based on the positive reactions from the NEAR community.
Although it’s currently 6.25% in the red for the month and more than 65% below its record high of $20,44 reached in January 2022, the NEAR token has put on an impressive show during this recent bull market rally, surging over 146% within the last three months.
Additionally, the daily trading volume for this token has grown by 6.5%, amounting to over $800 million. Furthermore, its market capitalization has expanded by 5% within the past day, positioning it as the seventeenth largest cryptocurrency based on market cap.
From my current perspective as a researcher, NEAR is priced at around $7.2 at present. This is a 7.3% increase from the previous day’s price. Furthermore, over the last seven days, its value has surged by approximately 26%.
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2024-04-27 01:16