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NEAR Price Rally: 9% Surge Recaptures Key Level, Records 160% TVL Growth In Q1

Decentralized application (dApp) platform Near Protocol exhibited notable growth in key metrics during the first quarter (Q1) of 2024, driving its native token NEAR to reclaim a crucial key level and paving the way for a potential retest of its all-time high (ATH) from January 2022. 

According to a recent report by Messari, NEAR experienced significant increases in market capitalization, revenue, active addresses, and Total Value Locked (TVL), solidifying its position among the top players in the cryptocurrency market.

NEAR Outperforms Bitcoin And Ethereum

In Q1 2024, NEAR’s circulating market cap surged to $7.2 billion, marking a 94% quarter-on-quarter (QoQ) increase. The fully diluted market cap also witnessed substantial growth, reaching $8.2 billion, representing a 91% QoQ increase. These numbers propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization. 

NEAR

Notably, NEAR outperformed Bitcoin (BTC) and Ethereum (ETH), which recorded QoQ growth rates of 69% and 53%, respectively. Additionally, NEAR’s revenue, derived from network transaction fees, witnessed an 82% QoQ increase, reaching $1.9 million. 

NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, representing a robust 42% QoQ increase. 

The network also witnessed a surge in daily new addresses, totaling 236,000 (a 37% QoQ increase), and surpassed the milestone of 100 million total accounts. 

According to Messari, contributions from established protocols like KAIKAINOW, Sweat, and Playember and the adoption of HOT Wallet, averaging over 350,000 daily active addresses in March and nearly 3 million total wallets, drove this expansion.

Stablecoin Market Cap Soars In Q1

Per the report, the protocol experienced a sustained increase in transaction activity throughout Q1 2024, with daily transactions reaching 4.3 million, representing a 78% QoQ increase and a 538% increase over the last six months. 

Similarly, NEAR’s TVL witnessed substantial growth, ending the quarter at $335 million, a 163% increase from the previous quarter and a 547% increase over the last six months. 

NEAR

Furthermore, NEAR’s decentralized exchange (DEX) volume experienced a notable surge, with an average daily volume of $8 million, representing a 95% QoQ increase. Ref Finance emerged as the leading DEX on the protocol, with $6 million daily volume, surpassing Orderly Network.

Lastly, NEAR observed a significant increase in its stablecoin market cap during Q1 2024, soaring 176% QoQ to $214 million. Notably, USDT experienced a significant surge, with its market cap increasing by 1,155% QoQ, reaching $88 million. 

Outperforming Top 20 Cryptocurrencies

Regarding price action, NEAR Protocol’s native token has exhibited strong performance, surpassing the top 20 cryptocurrencies in the market with a 9.4% uptrend in the past seven days. Meanwhile, Bitcoin has experienced a minor 1.5% price correction over the past 24 hours.

This positive trend has enabled NEAR to reclaim the significant $7.40 price level, which is important for bullish investors. 

Looking ahead, the $7.60 mark may present a potential resistance level for the token, serving as a crucial barrier to monitoring. It could pave the way for a retest of the $8 mark, signaling further upward momentum if successfully breached.

Conversely, the $6.80 mark has demonstrated its significance as a key support level. It was previously tested over the weekend and effectively prevented a more significant price decline. 

Despite the optimistic outlook, it is important to note that the token remains down by over 64% from its all-time high of $20.4, reached in 2022.

NEAR

Featured image from Shutterstock, chart from TradingView.com 

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NEAR Protocol Soars 7.3%, Is It Poised To Go Higher?

As the crypto industry navigates the waves of this bull run, projects like NEAR Protocol (NEAR) are edging forward with new partnerships and developments. NEAR’s remarkable performance has crypto analysts considering that the toke is getting underway for a massive surge.

Is NEAR Protocol A “Market Leader”?

At the beginning of the week, crypto analyst World of Charts recognized a bullish flag pattern formed on NEAR’s monthly chart. According to the analyst, a successful breakout could be followed by a 60-65% bullish wave in the coming days.

On Thursday, NEAR tested the $7.00 resistance level, reaching above the $7.50 mark before retracing as the day ended.

NEAR Protocol, crypto

Affirming his previous forecast, the analyst stated that if the token successfully holds above the breakout level, investors could expect the price to move towards $14-$15. Since then, the token has remained above the $7.00 mark, hovering between $7.3-$7.1.

Another crypto analyst has been following NEAR’s performance this week similarly. According to Bluntz, the token “has been one of the strongest movers from the lows and will probably be one of the first to make fresh highs.”

Moreover, he considers NEAR “one of the better performers” in the top 20 cryptocurrencies. Previously, the trader displayed a chart identifying an ABC zigzag pattern followed by a still-forming impulse wave pattern.

NEAR; crypto analyst

As NEAR broke out of the $7,00 resistance, the analyst reaffirmed his prediction for the token’s movements, considering it “a market leader right now.”

Bluntz added that the token kept “plodding along making fresh highs while everything else has stalled out and continued accumulating.”

Network Expansion And Price Surge

The NEAR Protocol is a Layer-1 “user-friendly and carbon-neutral” blockchain focused on performance, security, and scalability. According to its team, the “blockchain for everyone” was built with “usability in mind.”

NEAR’s total value locked (TVL) of $309 million makes it the 16th largest blockchain by this metric. Notably, the network has doubled its TVL since Q4 2023, when it sat in the 25th spot with $128 million.

The protocol collaborates with other projects constantly to continue “expanding financial horizons.” Projects like NodeKit and TrueZK have recently integrated NEAR’s solution designed for Ethereum rollups, NEAR DA.

Similarly, on Thursday, it announced its partnership with Colombian fintech Lulo X and Peersyst Technology “to redefine the parameters of digital finance.” These collaborations have been seemingly well-received by the NEAR community.

Despite being down by 6.25% in the monthly time frame and 65% below its all-time high (ATH) of $20,44 set in January 2022, the blockchain’s token has shown a remarkable performance during this bull run. In the last three months, NEAR has soared over 146%.

Moreover, the token’s daily trading volume has increased by 6.5% in the past day, with over $800 million traded. Likewise, its market capitalization has risen 5% during the same timeframe, making it the 17th biggest cryptocurrency by this metric.

As of this writing, NEAR is trading at $7.2, representing a 7.3% jump in the last 24 hours and a 26% rise in the past week.

NEAR, NEARUSDT, crypto

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NEAR To Rise Even Higher According To These Analysts, Can It Hit $10?

NEAR, the native token of the Layer 1 (L1) public blockchain NEAR Protocol, has substantially risen during this bull run after registering remarkable gains since the end of 2023.

As the price of Bitcoin continues to soar, NEAR has recorded an over 130% price surge in the past month, and analysts forecast that the bullish momentum isn’t over yet.

 Analyst Foresees NEAR’s Next Leg Up Coming Soon

At the end of 2023, the NEAR token showed a remarkable performance by doubling its price in mid-December. Since then, the crypto market has been propelled to heights like those seen during the last bull run.

NEAR continued its growth alongside the market, and crypto analyst Altcoin Sherpa considers that the gains for the token are far from over.

In an X (former Twitter) post, the analyst shared a chart showing NEAR’s performance in the last few days. This performance displays the token has oscillated between two levels since yesterday.

NEAR hovered between the $6.7- $7.17 price range for the past 24 hours, Altcoin Sherpa’s chart shows. As the analyst highlights, this is the “consolidation for the next leg up” coming soon.

Previously, Sherpa warned about the $6.9 price level being a “danger area approaching.” However, the token broke that resistance level over the weekend.

Moreover, crypto trader and analyst Rekt Capital shared a chart showing that NEAR revisited its multi-year macro downtrend. Breaking above it would further fuel the bullish momentum that could drive the price to revisit its all-time high (ATH) resistance area of $20.

Are $10 Coming Soon?

NEAR has been closely following Bitcoin’s price performance during the past week. As the chart below shows, in the last 24 hours, the token’s price has closely followed the trajectory of the flagship cryptocurrency.

BTC; BTCUSDT, NEAR

At writing time, NEAR is trading at $7.3, a 4.2% surge in the past hour. The token registered a stellar 67.8% and 83.1% price surge in the weekly and bi-weekly timeframe.

Crypto trader Doctor Profit foresees NEAR to reach $10 soon, as his previous prediction of the token reaching this price by the end of the year seems closer than expected.

That the token’s price of $3 was easily doubled in a matter of days. This suggests to the analyst that NEAR’s next goal of $10 will come very soon.

As optimistic predictions continue, the token’s market cap of $7.74 billion shows a 7.7% growth in the last day. By this metric, NEAR is inside the top 20 largest cryptocurrencies, currently being the 19th, according to CoinMarketCap data.

However, the daily trading volume has dropped 20% in the last 24 hours, with $993.5 million traded. This hints at a recent decline in market activity despite the positive performance and community support.

NEAR, NEARUSDT

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NEAR Protocol’s Expansion: Q4 2023 Shows 1,250% Rise In Daily Active Addresses

NEAR Protocol, the Blockchain Operating System (BOS), experienced significant growth in key metrics during the fourth quarter (Q4) of 2023. The protocol’s native token, NEAR, recorded a remarkable 16% year-to-date growth and witnessed a surge in adoption. 

Circulating Market Cap Soars 245%

According to a Messari report, the entire crypto market cap increased in Q4 2023, largely driven by the anticipation surrounding the introduction of spot Bitcoin exchange-traded funds (ETFs). 

NEAR actively participated in the overall market rally and achieved additional gains due to its heightened network activity and significant announcements. As a result, NEAR’s circulating market cap for the end of 2023 reached $3.7 billion, marking a 245% increase quarter-on-quarter (QoQ) and a 246% increase year-on-year (YoY). 

crypto

Furthermore, NEAR’s fully diluted market cap reached $4.3 billion. The protocol’s market cap ranking also soared, climbing 10 places to reach approximately 30th by the end of 2023.

In Q4 2023, NEAR’s revenue grew substantially, primarily generated from network transaction fees, reaching $750,000. The increase in revenue was attributed to the heightened activity generated by projects such as KAIKAINOW and NEAR Inscriptions. 

During the Inscriptions craze, revenue surged due to a transaction spike, driving up transaction fees. Notably, NEAR employs a fee-burning mechanism, where 70% of all fees are burned, while the remaining 30% is directed to the contract from which the transaction originated.

NEAR User Base Skyrockets

Another key metric demonstrating the protocol’s growth in Q4 2023 is that NEAR experienced significant growth in its user base. 

Average daily active addresses increased by 1,250% YoY, reaching 870,000 in Q4 2023. In addition, the number of daily new addresses grew by a remarkable 550% YoY to 170,000 in Q4 2023. 

NEAR

According to Messari, this expansion comes after the successful launch and adoption of projects such as KAIKAINOW and contributions from the Sweat Economy, Aurora, and Playember, which further supported this positive trend.

NEAR’s daily active addresses were notably higher than those of other leading blockchain networks. For example, Optimism averaged 72,000 daily active addresses, Arbitrum 150,000, Polygon PoS 375,000, and Aptos 60,000 in Q4 2023.

NEAR Inscriptions significantly drove network activity, reaching a yearly high of 14 million transactions in December. Despite this substantial increase, transaction fees remained stable, staying below $0.01 for the quarter. 

Top 25 Blockchain By TVL In Q4 2023

NEAR’s Total Value Locked (TVL) reached $128 million by the end of Q4 2023, marking a remarkable 147% increase from the previous quarter. Among blockchains, NEAR positioned itself at approximately 25th place regarding TVL. 

Within the NEAR Network’s TVL, NEAR contributed $59 million, accounting for nearly 46% of the total TVL on the network. The remaining TVL was distributed across various decentralized finance (DeFi) applications, including Aurora, Ref, Berry Club, and Flux.

NEAR

Additionally, NEAR announced partnerships with projects such as Chainlink and decentralized exchange (DEX) SushiSwap. 

According to Messari, the integration with Chainlink’s decentralized oracle network provided NEAR developers with access to real-world data and external Application Programming Interfaces (APIs), enhancing the functionality and usability of NEAR-based applications. 

On the other hand, the collaboration with SushiSwap allowed NEAR users to access a wide range of token swaps, liquidity pools, and yield farming opportunities, enabling developer adoption and increased usage within the ecosystem. 

Ultimately, looking ahead to 2024, Messari said the protocol’s vision is to iterate the technology roadmap, attract more developers, and attract more leading protocols. 

NEAR

Featured image from Shutterstock, chart from TradingView.com

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NEAR Foundation And Eigen Labs Team Up To Improve Web3 Transactions On Ethereum Rollups

The NEAR Foundation has announced a strategic partnership with Eigen Labs, a startup focused on building the Ethereum restaking protocol Eigen Layer. 

While addressing the challenges of liquidity fragmentation between Layer 2 (L2) solutions, the collaboration aims to reinvent Ethereum (ETH) roll-up transactions, making them “more cost-effective and efficient.”

Rapid And Affordable Ethereum Transactions? 

In a joint statement released on November 10, the NEAR Foundation and Eigen Labs unveiled their plans to develop a “fast finality layer” to power rapid and inexpensive transactions for Ethereum rollups, including cross-rollup transactions. 

Per the announcement, the collaboration seeks to significantly reduce transaction processing times to a mere 3-4 seconds, a notable improvement compared to the minutes, hours, or even days it currently takes. Moreover, it aims to make transactions 4000 times cheaper than existing options, providing a cost advantage for users.

Furthermore, one of the partnership’s key objectives is to establish “secure and low-latency” cross-rollup communication, resolving the challenges faced by developers and founders working with rollups. 

As announced, the Fast Finality Layer will maintain the “security guarantees” of Ethereum while introducing additional guarantees from the NEAR and EigenLayer technologies.

Both protocols believe this solution promises to enhance liquidity by reducing fragmentation between Layer-2 solutions, empowering developers to make informed decisions regarding the sequencers they prefer for transaction processing.

NEAR And Eigen Labs Partnership For ‘Seamless Web3 Integration’

Illia Polosukhin, co-founder of NEAR Protocol, expressed pride in partnering with Eigen Labs, emphasizing that the fast finality layer showcases the technological strengths of NEAR while making the Open Web more user-friendly. Polosukhin further stated:

NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups. The fast finality layer showcases the strengths of NEAR’s technology while making the Open Web more usable, which has always been the core goal for NEAR. It will also help defragment liquidity for Ethereum rollups and make all of Web3 more interoperable as a result.

For his part, Sreeram Kannan, founder of Eigen Labs, shared his enthusiasm for the partnership and highlighted the mutual benefits it brings. In his words, the collaboration will leverage the innovative technologies of both NEAR and EigenLayer, enabling faster, cheaper, and easier development on the Ethereum network.

The collaboration between NEAR and Eigen Labs marks a significant milestone for EigenLayer, as it enables fast settlement for cross-rollup transactions and demonstrates wider adoption of restaking across the Ethereum ecosystem and beyond. 

For NEAR, the partnership extends to enhancing the NEAR-Ethereum Rainbow Bridge by transitioning it to an actively validated service (AVS). This transition is expected to enhance bridging capabilities between NEAR and Ethereum, enabling faster transaction finality, increased security guarantees, and improved decentralization.

The collaboration is expected to launch a testnet in Q1 2024, and further details will be shared then. This partnership between the NEAR Foundation and Eigen Labs holds great promise for advancing Ethereum rollup transactions, improving liquidity, and driving the broader adoption of Web3 technologies.

NEAR

Featured image from Shutterstock, chart from TradingView.com 

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Polygon Labs And NEAR Foundation Partner For zkWasm L2 Prover Integration

Polygon Labs (MATIC) and the NEAR Foundation have recently announced their collaboration on the development of a zero-knowledge (ZK) prover for the WebAssembly (Wasm) blockchain.  

The alliance aims to “bridge the gap” between Wasm-based chains and the Ethereum ecosystem, providing customization and options for developers building with the Polygon CDK (Chain Development Kit).

NEAR Foundation Joins Polygon As Core Contributor

According to Polygon Labs’ announcement, introducing a zkWasm prover will enable developers utilizing Polygon CDK to choose from various provers when building their projects.

This can be leveraged in various scenarios, including launching or migrating an Ethereum Virtual Machine (EVM) chain or constructing a Wasm chain for closer alignment with Ethereum and access to liquidity. 

The zkWasm prover will serve as a new runtime, generating zero-knowledge proofs that validate the correctness of native Wasm runtime execution. This advancement is expected to enhance scalability and decentralization, bringing the NEAR protocol closer to Ethereum.

As part of this partnership, the NEAR Foundation is set to become a core contributor to Polygon CDK, expanding the toolkit’s capabilities for developers.

Sandeep Nailwal, the co-founder of Polygon, expressed pride in collaborating with NEAR on this research and emphasized the value of the zkWasm prover in providing developers with increased customization options. 

To provide further context, WebAssembly is a widely used framework for running complex programs in web browsers, offering performance comparable to native computer applications. In the context of Web3, the Wasm Virtual Machine serves as a runtime for blockchains like NEAR and Polkadot, differing from the Ethereum Virtual Machine.

Scalability And Decentralization Boost?

Per the announcement, in the future, an in-development interop layer will allow chains to join a unified ecosystem of Layer 2 solutions deployed through Polygon CDK. 

This ecosystem will encompass alternative layer-1 chains, EVM layer-2 solutions, and Wasm chains, providing interoperability and defragmentation of liquidity across different chains.

Illia Polosukhin, co-founder of NEAR Protocol, expressed optimism about the collaboration, emphasizing that it will bring the benefits of zero-knowledge proofs not only to NEAR but to the entire Web3 ecosystem. Polosukhin stated:

We are very excited to work with Polygon Labs to bring all the benefits of zero-knowledge proofs not just to NEAR but all of Web3. NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of these two teams will bring a much-needed expansion of the ZK landscape and defragmentation of liquidity across chains. And by creating and using the zkWasm prover, NEAR will also improve the scalability and decentralization of the NEAR L1.

Overall, the collaboration between Polygon Labs and the NEAR Foundation holds significant implications for both protocols. Integrating the zkWasm prover will enhance the capabilities of Polygon CDK, providing developers with more options in building “custom blockchains.” 

Additionally, it will bring NEAR Protocol closer to Ethereum, expanding its interoperability and liquidity opportunities. 

Polygon

As of the latest update, MATIC, the native token of Polygon, is on the verge of reaching the $0.800 level, a milestone that has not been attained since July. The token currently trades at $0.7903, showcasing a noteworthy upward trajectory. 

This positive movement is further bolstered by an impressive 11% uptrend recorded over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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NEAR Token Lights Up: 22% Price Surge In Seven Days, Network Activity Skyrockets By 350%

NEAR Protocol, a Blockchain Operating System (BOS), demonstrated notable growth in the third quarter of 2023, defying the challenging conditions of the overall cryptocurrency market. 

According to a recent report by Messari, key metrics for NEAR Protocol surged significantly over the past month, buoyed by recent price increases across the crypto market.

Surge In Transactions Drives Revenue Growth For NEAR

Per the report, despite a moderate downturn in the crypto market, with XRP and Grayscale facing court rulings in their favor, NEAR Protocol showcased resilience. The total crypto market capitalization dipped by 5.8%, with Bitcoin (BTC) and Ethereum (ETH) experiencing declines of 7.5% and 10.0% respectively. 

Within this context, NEAR’s circulating market capitalization decreased by 14% quarter-over-quarter (QoQ) to $1.08 billion, while its fully diluted market capitalization decreased by 17% QoQ to $1.12 billion. 

NEAR

Nevertheless, NEAR Protocol maintained its position as the 40th largest crypto protocol by market capitalization by the end of the quarter.

One of the highlights in Q3 ’23 for the protocol was the revenue growth, which increased by 9% QoQ from $98,000 to $108,000. The average transaction fee remained at a low $0.001 throughout the quarter.

Regarding network activity, NEAR recorded substantial growth in addresses during Q3 ’23. Active addresses increased by 350% QoQ, reaching 260,000 daily active addresses, while new addresses saw a 274% QoQ increase, totaling 51,000 daily new addresses. 

This growth was primarily fueled by the launch of KAIKAINOW, NEAR’s leading application, and supported by contributions from the Web3 health and fitness app, Sweat Economy, and Aurora, a solution that allows the execution of Ethereum contracts in a “more performant environment” in the NEAR ecosystem.

TVL Drops To $52 Million In Q3 2023

According to Messari, NEAR’s Total Value Locked (TVL) experienced a 13% QoQ decrease, amounting to $52 million by the end of the quarter. NEAR ranked approximately 35th among blockchains in terms of TVL. 

NEAR

Within the NEAR Network’s TVL, NEAR’s contribution accounted for $41 million (80%), while Aurora contributed $11 million (20%).

Regarding DEX trading volume, NEAR reported an average daily volume of $1.3 million, maintaining stability compared to the previous quarter. NEAR ranked approximately 30th among DEX trading volumes.

NEAR’s stablecoin market capitalization experienced a 27% QoQ decline, primarily driven by reductions in USDC and USDT. However, the native USDC was launched on NEAR during this period, while USN, the winding-down stablecoin from Decentral Bank, remained unchanged.

NEAR Token’s Bullish Momentum Continues

Regarding price action, as observed in the 1-day chart below, NEAR Protocol’s token, NEAR, has broken a prolonged downtrend that commenced on July 20 and concluded on August 18, leading to a phase of accumulation.

NEAR

However, on October 19, the token initiated an uptrend, resulting in significant gains of 12% over the last 30 days, 22% within the fourteen-day timeframe, and 22.3% in the past week. Presently, the token continues its rally, exhibiting a 2.6% surge in the past 24 hours, bringing the current trading price to $1.23.

When considering the year-over-year period, the token remains significantly below its high in 2022, experiencing a decline of 60% over this duration. Furthermore, for NEAR to reclaim its 2023 yearly high, which stood at $2.83 and was achieved in April, the bullish momentum must persist.

It remains to be seen whether the token can sustain its current bullish momentum and establish a new yearly high, capitalizing on the rallies witnessed by the largest cryptocurrencies in the market in the upcoming months to generate further profits.

Featured image from Shutterstock, chart from TradingView.com 

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Near Protocol Collapses Despite Rounded Bottom, Is $6 Possible?

  • NEAR price continues to struggle on both low and high timeframe despite showing signs of recovery in recent times. 
  • NEAR price trades in a range as the price looks set for a retest of key support areas.
  • The price of NEAR fails to break above resistance despite forming rounded bottom on the daily timeframe. 

Near Protocol (NEAR) has struggled with the less bullish scenarios as many traders and investors are beginning to get fed up with the price action as the price fails to have a relief bounce against tether (USDT). Near Protocol has shown little or no glimpse of relief bounce as the price aims for a retest of its support region at $3. With the current market looking more promising ahead of more relief bounces from altcoins, there are doubts about Near Protocol as the price isn’t as promising as others. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart
Weekly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

Most crypto projects have found relief in the new month, with altcoins such as BTC, ETH, and even XRP continuing to show strength after weeks of downtrend movement.

The price of NEAR is not looking promising as it continues to move in its downtrend range despite attempting to break $6 and trend above this resistance.

Following a rejection from $6, the price retested its $3.5 support area. Since then, the price has struggled to recover and trend above this support level, with many traders and investors concerned about their NEAR positions.

The weekly price for NEAR closed bearish ahead of a new week, with the price opening with a range price movement, creating mixed feelings as regards the recovery of NEAR. For NEAR price to resume its bullish trend, the price needs to break and close above $6.

Weekly resistance for the price of NEAR – $6.

Weekly support for the price of NEAR – $3.5.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding support at $850 billion ($850B); this has aided most altcoins, but not NEAR, which remains in a range-bound price movement with little price movement.

The current price of NEAR is $3.68, as the price remains below the 8 and 20-day Exponential Moving Averages (EMA), unable to break above this region. The price of $3.75 corresponds to the 8 and 20-day EMA values acting as support.

A break above this resistance region could signal a little relief for the NEAR price that has maintained a downtrend for a long.

Daily resistance for the price of NEAR – $6.

Daily support for the price of NEAR – $3.6.

Featured Image From zipmex, Charts From Tradingview

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TA- Near Protocol Struggles With Resistance, Can Bulls Push Price To $6?

The price of Near Protocol (NEAR) showed bullish signs of going higher to a region of $6-$7, but the price was rejected back to its support area, where it has found high demand for its price. Bitcoin (BTC) and Ethereum (ETH) all saw a relief bounce from their monthly low, leading to altcoins like Near Protocol (NEAR) having a measure of relief bounce. (Data from Binance)

Near Protocol (NEAR) Price Analysis On The Weekly Chart 

The price of NEAR showed some great bullish strength after breaking above its weekly resistance of $4.7 and traded to a high of $5.9 before seeing a rejection back to its key support area. 

NEAR’s price has again shown bullish strength after closing the week, looking bearish on the weekly chart.

The price of NEAR is currently trading below a key resistance on the weekly timeframe; NEAR needs to break this resistance with good volume to have a chance of trending higher to a region of $6 and possibly $7.

Weekly resistance for the price of NEAR – $4.7,$6.

Weekly support for the price of NEAR – $3.

Price Analysis Of NEAR On The Daily (1D) Chart
Daily NEAR Price Chart | Source: NEARUSDT On Tradingview.com

The price of NEAR found its daily low at $3.7, forming good support as the price bounced off the area. NEAR price has rallied to a region of $4.7, where it has been faced with resistance to breaking above for the price of NEAR to trend to higher heights.

Despite being rejected in recent times from the $6 mark, NEAR price has shown great bullish strength; the price of NEAR is trading at $4.3 below the daily 50-day and 200-day Exponential Moving Average (EMA).

The 50 and 200 EMA correspond to prices of $4.5 and $6.7, respectively, acting as resistances for the price of NEAR to trend higher. If the NEAR price breaks and holds above the $4.7 corresponding to the 50 EMA, we could see the price trending higher to a region of $7.

If NEAR price fails to break above its resistances, then prices would find more momentum at its support of $3.7 or even lower.

Daily (1D) resistance for the NEAR price – $4.7, $6.7.

Daily (1D) support for the NEAR price – $3.7, $3.

Price Analysis Of NEAR On The Four-Hourly (4H) Chart
Four-Hourly NEAR Price Chart | Source: NEARUSDT On Tradingview.com

The price of NEAR on the 4H chart has continued to look bullish, trying to hold above the support area at $4.2. NEAR price currently trades above the 50 EMA on the 4H chart, with more buyers willing to push the price higher.

After forming a bullish divergence on the 4H chart as the price was oversold, the NEAR price rallied to $4.4 after breaking above the 50 EMA and holding above it; the 50 EMA price corresponds to the support at $4.2.

The price of NEAR is faced with resistance on the 4H chart, preventing the price from breaking higher.

The Relative Strength Index (RSI) for NEAR on the 4H chart is above 70, indicating more buy order volume for the NEAR price.

Four-Hourly (4H) resistance for the NEAR price – $4.5.

Four-Hourly (4H) support for the NEAR price – $4.2, $4.

Featured Image From zipmex, Charts From TradingView.com 

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TA: Near Protocol Struggles To Break Out Despite Relief Bounce

Despite the relief bounce across the crypto market with the likes of BTC, ETH, and OP, surging high, Near Protocol has struggled to break out.

Near is one of the many blockchain solutions with good use cases trying to provide solutions to Ethereum scalability, bridging, and contributing to the DeFi space.

Near has struggled to break above its ranging channel despite being a favored coin in the crypto space.

NEAR Weekly Chart

After reaching its All time high (ATH) of $20.1 in January 2022, Near had struggled with its downtrend when the market became bearish, with major coins falling by 80%.

Near its ATH of $20.15, it has fallen by over 75% to a region of $3.0. As of writing, NEAR is trading at $4.2, close to a major resistance before it breaks to the upside.

NEAR Weekly Chart Analysis | Source: NEARUSDT On Tradingview.com

The weekly chart for NEAR shows it is facing major resistance of $4.73 after a reversal from the low of $3.0

Breaking out of this resistance would send the price of NEAR to a region of $6.4 – $7

Weekly resistance – $4.73

Weekly support – $3.0

ATH – $20.1

Daily Chart Analysis Of NEAR 
NEAR Price Analysis On The Daily Timeframe | Source: NEARUSDT On Tradingview.com

Major support level on the daily chart (1D) – $3, $1.8

Major resistance on the daily chart (1D) – $4.72

NEAR on the daily chart shows not much buying or selling activity, just in a range or channel that needs to be broken to the upside or downside.

The volume on the 1D  chart shows less buying and selling with the relative strength index (RSI) above the 50 mark area.

If the bulls can step in and push NEAR to the upside, then the range at which NEAR is trading will be broken, sending the price to $6.0

If the price of Near is broken to the downside by bears, $3 – $2.8 are acting as strong support that has held NEAR throughout the downtrend and can be seen as a major support area.

For investors applying a dollar cost average strategy, this could be a good accumulation level. Dollar Cost averaging is a strategy employed to buy crypto assets with a sum of money in bits over time or a strategy used to buy crypto assets at market levels as the assets make reversals.

NEAR Price On The 4H Chart
NEAR Price Analysis On The 4H Chart | Source: NEARUSDT On Tradingview.com

On the 4H chart, NEAR looks similar to the chart on the 1D timeframe, just ranging and trying to break above the resistance region. NEAR, in general, looks good based on a fundamental crypto market analysis.

With current market conditions, it will be worth accumulating for the bull run as it has so much potential for the upside.

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Terra Users Heads Up, Why NEAR May Launch Native Stablecoin With A 20% APR

Crypto Insiders founder Zoran Kole revealed the possible launch of a Near Protocol native stablecoin. Via a substack post, Kole claimed the digital asset will be announce on April 20 as an algorithmic stablecoin called USN.

Related Reading | TA: Terra (LUNA) Surges, Is It Eyeing A Correction Now?

The digital asset will be deployed in cooperation with “other well capitalized stablecoins”, according to the post. At the time of writing, there seems to be no official announcement other than this post and speculation from the crypto community.

Therefore, users might want to take this potential launch with a grain of salt. In addition to the USN allege launch, the stablecoin could possibly offer a 20% Annual Percentage Rate (APR) on a product similar to the Terra ecosystem’s Anchor Protocol.

This product enables users to stake their stablecoins, in the form of Terra’s native UST, and leverage a 19% APR. If the launch is executed, Near could gain an edge against Anchor and similar products on the decentralized finance (DeFi) and centralized finance (DeFi) sector.

Kole wrote the following on the implications of a native stablecoin on Near, as he argued in favor of a bullish thesis for this protocol:

They will offer an extremely attractive ~20% APR, which will ignite DeFi capital rotation into the Near ecosystem, siphoning the total value locked from other alternative layer-one protocols.

Data from DeFi Llama records a $29 billion in total value locked (TVL) for Terra. In contrast, Near records $300 million in total value locked (TVL).

In terms of market cap, the contrast is similar as Terra stands at $40 billion and Near at $10 billion. Kole argues that the launch of an algorithmic stablecoin will contribute to Near increasing its market cap and surpass Terra.

Near To Destroy The Competition

Th USN revelation was part of a bigger study on the Near Protocol and its potential to take market share over its competitor in the long-term. Therein, Kole compared this protocol with a live version of the upcoming Ethereum 2.0.

Kole believes Near is superior to ETH 2.0 and other layer-1 blockchains in terms of scalability, and incentives that could boost its adoption.

Data shared by Kole from Electric Capital indicates that Near is one of the most active network in terms of development. As seen below, this network’s monthly active developers far surpass those on Cardano, Binance Smart Chain, Tezos, Avalanche, Terra, Algorand, Fantom, and Internet Computer.

Source: Zoran Kole

Kole believes this trend will continue as the network has the advantages of ETH 2.0 and its own Ethereum Virtual Machine (EVM) network. This will support the network’s growth in terms of activity and usage. Kole concluded:

This will lead to a comparison of Near to Terra ($LUNA) as the narrative for attractive stablecoin yields proliferates. Terra currently has a market capitalization of approximately $40 billion while Near sits at $10 billion. The catalysts above will strengthen Near’s fundamentals in both the short and long term and likely cause its market capitalization to appreciate by 100% at minimum over the next few months.

Related Reading | Terra (LUNA) Surpasses Ethereum Becoming Second Most Staked Asset

At the time of writing, NEAR trades at $16 with a 1% profit on the 4-hour chart.

NEAR trends to the upside on the daily chart. Source: NEARUSDT Tradingview

 

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Here Are The Crypto Leading The Market Recovery With 50% Gains

The crypto market has managed to sustain its bullish momentum and reclaimed the $2 trillion market cap. Bitcoin and Ethereum seem to have pushed the market from the mid $30,000, and to its current levels.

Related Reading | Only In Crypto: A Croissant Explains Ethereum Hottest Trends Post Merge

The first and second crypto by market cap has seen a surge of new bullish narratives. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.

Both ETH and BTC recorded around 17% profits in the last week, as the crypto market moves upwards. However, Delphi Digital recorded layer-1 cryptocurrencies with gains surpassing 50% in a 30-day period.

Near (NEAR) stood among the latter and led the current market recovery, followed by Polkadot (DOT), and Terra (LUNA). As seen below, Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos Hub (ATOM), and others were in the best performer group.

Source: Delphi Digital via Twitter

Delphi Digital noted the following on NEAR’s current bullish momentum:

NEAR led the L1 recovery by growing by ~50% over the past month, a significant lead against the rest. The outperformance over the past week was catalyzed by the Bastion Lockdrop, which attracted $293M in capital. NEAR, WBTC, ETH, USDT, USDC were available to be locked for 1-12 months.

Avalanche (AVAX) records a 10% profit in the last week with a 37% profit in two weeks. In addition, Avalanche records an explosion in daily active users in a 6-month period.

This metric has been hovering around 100,000 since Q4, 2021. This suggests a growing interest for Avalanche as the price push to the upside. Delphi Digital noted:

When looking at the delta in this data, the strong relationship between AVAX price and active addresses immediately becomes recognizable. It is not often that price increases sustainably without metrics such as TVL and daily active addresses also increasing.

Source: Delphi Digital via Twitter
What Could Add More Fuel For This Crypto Rally

In the short term, the crypto market could see a brief pullback. Indicators point to overbought levels across the board, but bulls have been able to preserve their strength.

According to Delphi Digital, the long to mid-term could stay in the green for Avalanche (AVAX). In addition to its fundamentals, the crypto platform recently launched a $290 million multiverse incentive program, and it will be integrated with Terra.

The moon is coming to #avalanche in force, and next week we will show you just how much 🌕@avalancheavax @terra_money 🪄

— Do Kwon 🌕 (@stablekwon) March 18, 2022

The research firm believes the biggest AVAX catalyzer is the implementation of its subnet functionality. This should increase Avalanche’s use case and scalability and potentially inject more conviction into a double-digit rally. Delphi Digital noted:

Important to keep in mind is that each subnet validator must also be a validator in Avalanche’s primary network. This means each subnet validator generates additional demand for staking AVAX, which should improve value accrual for AVAX as subnet adoption grows.

Related Reading | Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives

At the time of writing, AVAX trades at $94 with sideways movement on the last day.

AVAX with bullish momentum on the daily chart. Source: AVAXUSDT Tradingview

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NEAR Records 70% Rally On Terra Integration, Will It Close The Year In Profit?

During December, highly scalable blockchain Near and its underlying asset has experienced an important rally. Coming in hot from a monthly low at around $6, the NEAR token currently trades at $15,37, close to its all-time high north of the $16 mark.

NEAR trends to the upside in the 4-hour chart. Source: NEARUSDT Tradingview

In the past 7-days, according to data from Coingecko, NEAR has record a 71.5% rally and an 87.4% increase in the last 30 days. The team behind the protocol has been announcing improvements and partnerships that have contributed with this token’s trend to the upside.

Related Reading | LUNA Hits ATH After Astroport’s Deployment, Why Terra Could Continue Growing In 2022

Terra’s UST stablecoin integration with NEAR and the Aurora ecosystem has been a highly expected event by users. Per an official post, the integration was facilitated by a partnership with NearPad, an Aurora DeFi gateway, and Rose, a liquidity and stableswap borrowing protocol running on the same ecosystem.

The team behind NEAR believes the partners will be able to strengthen the Terra ecosystem and stablecoin UST as they become more adopted on Aurora. In that sense, users will have several new use cases that will be able to leverage including moving assets from Aurora to Terra or any other compatible blockchain.

Users will be incentive to participate and to provide UST liquidity on the aforementioned ecosystems. Aiden Knox, founder of NearPad and Rose claimed the following on this integration:

Partnering with Terra to bring UST to ecosystem to our community will be a big step towards growing the Near and Aurora ecosystem. I’m excited to be working closely with the Terra team to not only bring UST to NearPad and Rose, but also for the deeper integrations and collaborative projects this partnership enables.

NEAR To Support One Of The Fastest Growing Stablecoins

The Near protocol has been working on its interoperable capabilities as the project aims to support a “multi-chain future”. In that way, users will be the most benefits as more use cases, and applications become accessible, and they can reach any asset or projects in different networks. Co-Founder of NEAR Illia Polosukhin said:

NEAR has been built for simplicity, security and scalability. Stablecoins like UST provide a simple interface to store value and interact with apps which need to use a stable unit of account.

Recently, the Terra ecosystem implemented several major upgrades on the mainnet with provides it with interoperability, and a burning mechanism for its underlying asset, LUNA. As NewsBTC reported, this network has taken the crypto industry by storm.

Related Reading | Terra Begins LUNA Burning, Why It Could Target $140

In addition, Do Kwon, one of Terra’s founders, recently celebrated the expansion in UST as the stablecoin reached a $10 billion market cap. Thus, it has become the largest decentralized stablecoin which demonstrates, according to Kwon, that “there is no more doubt in the product market fit”.

Congrats to @terra_money on reaching $10bn outstanding. Amazing achievement, but will seem small compared to what will be accomplished in the coming years.

Long live decentralized stablecoins. Long live @terra_money. https://t.co/3Uz2ZYFAWz

— Peter Johnson (@TheChicagoVC) December 26, 2021