NEAR Protocol has experienced a remarkable 50% price increase within a month, driven by a rise in user participation, enhanced total value locked (TVL), and a vital network update. This surge has attracted considerable attention to the blockchain, positioning it among the top tokens in the market.<\/p>\n
The NEAR token, native to the NEAR Protocol, has continued its upward trend with a recent 2.3% gain, now trading at $5.21. As per Cointelegraph Markets Pro and TradingView data, NEAR has rebounded from a low of $3.41 on September 6, achieving a significant 57% rise to reach an eight-week peak of $5.36 by September 24.<\/p>\n
Here are three significant factors that have propelled NEAR’s recent success:<\/p>\n
The NEAR Protocol has effectively deployed sharding, a major upgrade that enhances its interoperability and transaction speed. This technology divides the blockchain into smaller segments, or “shards,” enabling the network to process multiple transactions concurrently. <\/p>\n
This achievement came with the NEAR 2.0 update on August 12, making it the second blockchain to apply sharding in a live environment, following Elrond (EGLD). By addressing the blockchain trilemma\u2014achieving scalability, security, and decentralization\u2014sharding positions NEAR for sustained growth, particularly with the increasing demand for decentralized applications (DApps).<\/p>\n
NEAR’s sharding method provides a faster and more scalable option compared to Ethereum, with reduced transaction fees, which is essential as decentralized finance (DeFi) and other blockchain services continue to grow.<\/p>\n
Recent data illustrates a significant rise in user engagement and adoption within NEAR Protocol. Reports from NearBlocks.io indicate that from August 25 to September 24, daily transactions surged by 42%, and the creation of new addresses rose by 30.8%. This jump in activity has directly influenced NEAR’s price increase.<\/p>\n
Additionally, the total value locked (TVL) in NEAR protocols has substantially grown. Data from DefiLlama reveals NEAR’s TVL escalated by 34%, going from $183.7 million on September 7 to $246.5 million on September 24. An increasing TVL reflects a stronger confidence in the platform\u2019s DeFi offerings.<\/p>\n
NEAR\u2019s price uptrend corresponds with a surge in open interest (OI) in futures markets. Coinglass data shows the OI for NEAR rose dramatically from $114.9 million on September 7 to $279.2 million on September 24, marking the highest level since early June. This growth in OI suggests a robust inflow of capital and a bullish sentiment among traders regarding NEAR’s future.<\/p>\n
Moreover, NEAR has benefited from wider market trends, including heightened interest in AI technologies. The recent collaboration between Nvidia and Alibaba Cloud, aimed at enhancing autonomous driving tech in China, had a positive impact on NEAR. AI-themed cryptocurrencies usually respond favorably to such developments, and endorsements, like U.S. Democratic candidate Kamala Harris discussing AI and digital assets, further elevate market sentiment towards projects like NEAR.<\/p>\n
Technically, NEAR is showing strong market vigor. The token broke through a descending trendline on September 23 and has remained above crucial moving averages, including the 50-day EMA ($4.40), 100-day EMA ($4.75), and 200-day EMA ($4.87). These previously resistant levels are now supporting potential further gains.<\/p>\n
Now, NEAR’s relative strength index (RSI) is at 70, indicating that buyers are dominating the market, likely pushing NEAR’s price toward the next target of $6.45.<\/p>\n
Nevertheless, if the price dips below the 50-day EMA at $4.40, it might indicate a shift toward a bearish trend, possibly leading to a decrease of 32% to revisit the low of $3.50 from September 6.<\/p>\n
In conclusion, NEAR Protocol’s 50% monthly price increase is attributed to its successful sharding implementation, increased network activity and TVL, and rising interest in NEAR futures. Bolstered by a solid technical outlook, NEAR appears well-equipped for future growth, marking it as a significant blockchain to keep an eye on in the forthcoming months.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEAR Protocol’s Impressive Growth: Key Highlights NEAR Protocol has experienced a remarkable 50% price increase within a month, driven by a rise in user participation, enhanced total value locked (TVL), and a vital network update. This surge has attracted considerable attention to the blockchain, positioning it among the top tokens in the market. The NEAR […]<\/p>\n","protected":false},"author":12,"featured_media":19878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Unpacking NEAR Protocol's Remarkable 50% Surge in Just 30 Days - Bitrabo","description":"NEAR Protocol's Impressive Growth: Key Highlights NEAR Protocol has experienced a remarkable 50% price increase within a month, driven by a rise in user partici"},"footnotes":""},"categories":[318,316],"tags":[785,596,7492,8834,8418],"class_list":["post-19879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-analysis","category-crypto-news","tag-altcoin","tag-cryptocurrency","tag-market-analysis","tag-market-price","tag-near-protocol"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/19879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=19879"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/19879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/19878"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=19879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=19879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=19879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}