The Near Protocol price defied odds and soared to an all-time high even Bitcoin and other altcoins crashed. The NEAR price has risen in the past two straight days and is currently trading at $10, which is about 40% above the previous all-time high. According to CoinMarketCap, the platform has a total market cap of more than $3.9 billion and is the 39 biggest cryptocurrency in the world.
What is the Near Protocol?
NEAR is a decentralized development network built on top of the Near Protocol. The protocol is built on a proof-of-stake concept that also embraces other technologies like sharding.
The network is similar to Ether, Solana, and Polkadot in that it enables developers to build decentralized applications like those in the DeFi and NFT ecosystems. The main advantage of the platform is that it has a relatively high speed, low gas prices, and is highly scalable.
In the past few months, more developers have been moving to the Near Protocol. Some of the popular DeFi apps in the network are Maker DAO, Ampleforth, and CommonFund. Others are Paras, a highly scalable NFT platform and Flux, a fast and inexpensive decentralized open market protocol.
The Near Protocol price is holding steady partly because the number of transactions in the network is holding steady. At the time of writing, the number of transactions in the past 24 hours has risen to more than 316k, which is slightly below this month’s high of 322k. The number of daily transactions has risen close to an all-time high, as you can see below. Also, the number of new accounts has also risen to an all-time high.
Still, we can’t rule out the role of Fear of Missing Out (FOMO) as being a key driver of the rising NEAR price. With the token’s price rising by more than 500% from its lowest level in July, many retail traders have moved to the network hoping that it is the next big thing.
Near Protocol price prediction
The daily chart shows that the NEAR price has been in a strong bullish trend in the past few weeks. Recently, the coin moved above the important resistance level at $7.2345, which was the previous all-time high. It also rose above the bullish pennant pattern shown in black.
Additionally, the coin has moved above the 25-day moving average. Therefore, while the upward trend may continue, there is a likelihood that the Near Protocol bullish run will take a breather. If this happens, the next key level to watch will be the key support at $7.2345.