NEAR Protocol Surges 20% as Key Metrics Signal Strong Growth

NEAR Protocol (NEAR) is currently one of the most successful assets on the cryptocurrency market, standing in contrast to other notable cryptocurrencies, including Solana (SOL), Stacks (STX), and Injective (INJ).

Several significant events have transpired in the cryptocurrency market over the last twenty-four hours, including Bitcoin (BTC) exceeding $44,000 and Solana surpassing XRP in market capitalization.

The most recent surge in the value of the native token of the sharded proof-of-stake blockchain transpired concurrently with a substantial augmentation in the overall quantity of unique addresses, as reported by the NEAR block explorer.

According to data provided by DeFiLlama, TVL increased from $55 million on December 17 to over $76 million on December 20, indicating that the total value in the NEAR ecosystem has also grown substantially.

Examining the NEAR Protocol’s technical landscape demonstrates that the Relative Strength Index (RSI) is 73. The daily RSI is already considered overextended, notwithstanding its entry into the overbought zone.

Furthermore, the daily chart exhibits the Moving Average Divergence Convergence (MACD) indicator, which suggests that the current upward trend will likely persist.

As of the present day, the cost of the NEAR Protocol has escalated by twenty percent, surpassing three dollars.

During the corresponding time frame, the daily trading volume experienced an expansion of more than 210%, culminating in a value exceeding $761 million.

If investors successfully maintain prices above $2.55 in the coming days, NEAR will likely retrace its gains to levels exceeding $6.00 by August 2022.

Conversely, it is expected that the principal support level will be located at $2.18.