NEAR Protocol (NEAR) Makes Waves Today After Surging by Nearly 7%, Becoming the Top Gainer among the Top 20 Cryptocurrencies

NEAR, the native token of the Near Protocol and one of the largest cryptocurrencies by market cap, has made waves today after it surged by nearly 7%

Hot off the cryptocurrency presses, NEAR, the native token of Near Protocol, has emerged as the top gainer among the top 20 cryptocurrencies. In the last 24 hours, NEAR’s price surged by 6.39%, selling for $4.15 at the time of writing, according to data from CoinMarketCap.

This uptick is further highlighted by a 6.47% spike in NEAR’s valuation, bringing it to $4.06 billion. The coin’s 24-hour trading volume also saw a substantial increase of 31.5%, now valued at $217.7 million.

As NEAR’s price experienced high volatility within the last day, trading as low as $3.83 before reaching its current levels, analysts are speculating on the coin’s immediate future.

One technical analyst on X (formerly Twitter), known as Decilizer, shared his insights on the coin’s trajectory. In his analysis, he observed that NEAR has confirmed a new support level of around $3.

He noted the presence of bullish signals in the market, largely driven by the performance of top cryptocurrencies such as Bitcoin.

According to Decilizer, NEAR is exhibiting upward momentum and is targeting the next resistance level at $8.7, which is expected to be supported by high volume.

"If we get a 2x-3x volume candle here like the last time it hit $3 support, I think we'll see $8.7 before the next dump. NEAR is aiming for $8 next."

This analysis comes as NEAR saw a 720% increase earlier this year, reaching its all-time high of $20.44 in March 2022.

The Near Protocol blockchain has been gaining attention for its ability to facilitate the next generation of Web3 applications. As a layer-1 blockchain solution, Near Protocol serves as a decentralized cloud computing platform.

The blockchain is designed to address common challenges faced by other prominent blockchains, such as slow transaction speeds, limited interoperability, and low capacity.

With the recent launches of Nightshade 2.0 and Chain Signatures, the Near blockchain is rapidly scaling up, enabling greater user adoption and scalability.

The blockchain has also attracted several top-tier projects, notably in the fields of artificial intelligence and chain abstractions.

The above is the detailed content of NEAR Protocol (NEAR) Makes Waves Today After Surging by Nearly 7%, Becoming the Top Gainer among the Top 20 Cryptocurrencies. For more information, please follow other related articles on the PHP Chinese website!