Near Protocol (NEAR) Gears up For New Levels as it Rallies Almost 7% in One Day

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%. This positioned it as the top gainer among the top 20 cryptocurrencies according to data from CoinMarketCap. The spike which aligns with the broader crypto market trend, has caught the attention of investors and analysts as they predict what is next for the coin.

Over the last day, the global crypto market has seen an uptick with key coins like Bitcoin and Ethereum gaining 3% and 1.5% respectively. Moreover, the total market cap also increased by 2.61%, crossing over to $2.04 trillion. Based on this hype, what is next for NEAR?

Is NEAR Aiming for $8 Next?

In the last 24 hours, NEAR, the 19th-largest token in the market has seen significant gains and interesting data in its analysis. Per CoinMarketCap data, the price of NEAR surged by 6.39% at the time of writing to change hands at $4.15.

Moreover, this uptick comes side by side with an increase in its valuation, spiking by 6.47% to reach $4.06 billion. Additionally, the amount of NEAR traded over the last day, as depicted in its 24-hour trading volume, also experienced a notable jump of 31.5% to $217.7 million.

The coin saw high volatility within the last day, trading as low as $3.83 before shooting to its current levels. With these bullish signals, analysts have predicted what the immediate future of the coin will look like.

A technical analyst on X (formerly Twitter), Decilizer, shared his insight on the coin’s trajectory. In his analysis, he posited that NEAR has confirmed a new support level of around $3, feeding off the momentum ignited in the market by top cryptocurrencies like Bitcoin. Furthermore, he suggested that NEAR is showing upward momentum and is aiming toward its next target of $8.7 which would be supported by heavy volume.

Decilizer backed his confidence on the fact that the coin had previously done a 720% increase when it shot to its all-time high of $20.44 back in 2022.

Near Protocol Eyes Next Level

The layer-1 blockchain solution, Near Protocol is growing at constant speed and is quickly becoming popular among developers. The project which is designed as a decentralized cloud computing platform eliminates some of the challenges facing other prominent blockchains like transaction speed, poor interoperability, and low capacity.

Following its recent launch of Nightshade 2.0 and Chain Signatures, the blockchain has been growing at lightning speed, positioning it for increased user adoption and greater scalability. The blockchain has attracted loads of top-tier projects, with significant AI and chain abstractions happening on the network.