As the cryptocurrency industry navigates this upward wave, projects like the NEAR Protocol (NEAR) are moving forward with new partnerships and developments. NEAR’s incredible performance has cryptocurrency analysts thinking the token is headed for a massive surge.
Is the NEAR Protocol a “market leader”?
Earlier this week, cryptocurrency analyst World of Charts recognized a bullish flag pattern forming on NEAR’s monthly chart. According to analysts, a successful breakout could be followed by a 60-65% bullish wave within a few days.
On Thursday, NEAR tested the $7.00 resistance level and broke above the $7.50 mark before retracement at the end of the day.
NEAR breaking out of the bullish flag pattern on Thursday. Source: World of Charts
Confirming his previous predictions, the analyst said that if the token successfully holds above the breakout level, investors can expect the price to move towards $14-$15. Since then, the token has hovered between $7.3-$7.1 and remained above $7.00.
Another cryptocurrency analyst is following NEAR. Performance Same thing this week. According to Bluntz, the token “has been one of the strongest movers off the lows and will probably be one of the first tokens to make new highs.”
Moreover, he considers NEAR to be “one of the better performing companies” among the top 20 cryptocurrencies. Previously, traders displayed charts that identified ABC zigzag patterns and impulse wave patterns that continued to form.
NEAR's forming a impulse wave pattern according to the analyst. Source: Bluntz
After NEAR broke out of the $7,00 resistance, the analyst reaffirmed his predictions about the token’s movement, considering that NEAR is “the current market leader.”
Bluntz added that the token “continued to plod along, hitting new highs while everything else lagged and continued to accumulate.”
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 the team, “Blockchain for everyone” was built “with usability in mind.”
NEAR’s total value locked (TVL) is $309 million, making it the 16th largest blockchain by this metric. Notably, the network has doubled its TVL since the fourth quarter of 2023, ranking 25th with $128 million.
The protocol continues to collaborate with other projects to continue “expanding its financial horizons.” Projects like NodeKit and TrueZK have recently integrated NEAR DA, NEAR’s solution designed for Ethereum rollups.
Likewise on Thursday presentation Partnership with Colombian fintech Lulo X and Peersyst Technology to “redefine the parameters of digital finance.” This collaboration has seemingly been well received by the NEAR community.
Despite falling 6.25% during the monthly period and remaining 65% below its all-time high (ATH) of $20,44 set in January 2022, the blockchain’s token has performed impressively during this bull market. Over the past three months, NEAR has soared more than 146%.
Additionally, the token’s daily trading volume increased by 6.5% over the past day, with over $800 million traded. Likewise, its market capitalization has increased by 5% over the same period, making it the 17th largest cryptocurrency by this metric.
As of this writing, NEAR is trading at $7.2, up 7.3% in the last 24 hours and 26% over the past week.
NEAR's performance in the one-week chart. Source: NEARUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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