NEAR Protocol (NEAR) Surges 20% Amidst Crypto Market Rally, Eyes Potential Return to August 2022 Levels
In a day marked by significant developments in the crypto market, NEAR Protocol (NEAR) has emerged as one of the top-performing assets, experiencing a 20% surge to surpass $3.00. Alongside notable price movements in Bitcoin (BTC), Solana (SOL), Stacks (STX), and Injective (INJ), NEAR’s latest rally is attributed to a substantial increase in unique addresses and a rising total value locked (TVL) within the NEAR ecosystem.
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Driving Factors for NEAR’s Surge
- Increased Unique Addresses: According to data from the NEAR block explorer, the recent upsurge in NEAR’s price coincides with a sharp increase in the total count of unique addresses. This uptick in user activity suggests growing interest and participation in the NEAR ecosystem.
- Rising Total Value Locked (TVL): DeFiLlama data reveals that the total value locked in the NEAR ecosystem has experienced a notable increase, climbing from $55 million on December 17 to over $76 million on December 20. The growing TVL underscores the expanding influence of decentralized finance (DeFi) on the NEAR blockchain.
- Technical Analysis: Examining the technical picture, the Relative Strength Index (RSI) for NEAR currently sits at 73. While entering the overbought territory, the daily RSI has not yet reached overextension levels. The Moving Average Divergence Convergence (MACD) indicator on the daily chart suggests that the upward momentum may persist.
Price and Trading Volume Statistics:
- NEAR Protocol experienced a 20% surge, reaching a price above $3.00.
- Daily trading volume surged by over 210%, surpassing $761 million.
Potential Price Outlook
If bulls manage to maintain prices above $2.55 in the coming days, there is speculation that NEAR could revisit levels seen in August 2022, surpassing $6.00. The current price surge reflects positive sentiment and strong momentum, with the market closely monitoring key support levels.
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Support and Resistance Levels
- Primary support is anticipated at $2.18, providing a baseline for potential retracement.
NEAR Protocol’s impressive performance amid the broader crypto market rally underscores its growing prominence and attractiveness to investors. The surge in unique addresses and the rise in total value locked within the NEAR ecosystem contribute to a positive outlook. Traders and enthusiasts are closely watching key technical indicators and support levels as NEAR aims to sustain its upward trajectory in the coming days, potentially revisiting higher price levels last seen in August 2022. As the crypto market continues to evolve, NEAR’s resilience and market dynamics will play a crucial role in shaping its near-term future.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
