NEAR price action makes for one of the most robust altcoins in the crypto market right now. The NEAR protocol has been making significant strides in the blockchain space, and recent developments highlighted by the On-chain analytics platform Our Network suggests that NEAR is ready to hit $10 by the end of the year.
Reasons Why Near Price Is About to Surge To $10
On August 22, NEAR Blockchain successfully implemented Nightshade 2.0 on their mainnet, which enables sharding on the network.
Say gm to the largest technological step toward NEAR’s vision.
Say gm to stateless validation.
Say gm to Nightshade 2.0 🌺
NEAR Protocol’s novel sharding design has been successfully upgraded and is live on Mainnet. pic.twitter.com/GHEbZz0zSE
— NEAR Protocol (@NEARProtocol) August 22, 2024
With that upgrade, NEAR Protocol solved the blockchain trilemma, making it the first blockchain network with high transaction speeds, low cost, and still decentralized. But the foundation for why NEAR price could surge to $10 and beyond. What is being built on this robust foundation changes the game for the price of NEAR.
Here are 3 important reasons why NEAR is about to skyrocket to $10 and beyond by December.
1. Booming Consumer-Focused Applications
Following the successful mainnet upgrade, NEAR Blockchain has experienced an influx of consumer-focused decentralized applications (dApps). Cosmose AI’s KAIKAI dApp led the charge, boasting over 45.7 million users.
This shows the increasing adoption and utility of dApps getting built on NEAR. The increased usage of NEAR dApps signals the network’s potential to drive value and increase NEAR price.
2. Burgeoning Meme Coin Market
The meme coin sector has done wonders for networks, mainly Ethereum, Solana, and, most recently, Tron. NEAR protocol may be on the cusp of taking a bite off the meme tokens pie as Meme Cooking, a token launch pad on NEAR, has quickly gained traction, locking about 11,000 NEAR ($54,000) within a few hours after launch, although this has reduced since then.
Solana meme tokens have added a total of $8 billion to the SOL market cap, while Tron has increased its market cap by $392 million in just a short time. Meme season on NEAR protocol blockchain is bound to catapult NEAR price to new highs.
3. Surge in Stablecoin Transactions
Stablecoin transactions on the NEAR protocol have seen dramatic growth since the beginning of the year, reaching over $2 billion in August. This is an 800% increase year-on-year (YoY).
Further, the NEAR stablecoin supply (USDC and USDT) has reached $671 million, making it the 10th largest blockchain in this regard. Stablecoins are important in a blockchain because they boost liquidity, making the network usable. When a network’s stablecoin supply increases, it has a direct positive impact on price.
Can NEAR Price Reach $10 By December?
The NEAR price chart clearly shows a falling wedge formation, with the price breaking above the wedge in late September. This is a bullish reversal signal, as falling wedges typically result in upward breakouts.
The breakout above the wedge’s resistance line has led to a higher move toward $6.00 before pulling back slightly to the current price of around $4.67.
There is immediate support is around $4.60, just above the 50-day exponential moving average (EMA), which often acts as a dynamic support. A bounce from this support will confirm the breakout, sending NEAR price to $10.00
On the way up, NEAR may experience some resistance at $8.00, which represents the potential price target from the wedge breakout. However, if the bulls keep at it, NEAR may break out and reach $10, possibly beyond.
The falling wedge breakout suggests a bullish continuation for the NEAR price. After a small pullback, the price could rebound toward the $8.00 resistance level in the coming weeks. The current price of $4.67 presents an attractive entry opportunity, with the 50-day EMA providing solid support.
Frequently Asked Questions (FAQs)
The NEAR protocol has seen a series of positive developments, including the successful implementation of Nightshade 2.0, which enables sharding. This upgrade positions NEAR as a solution to the blockchain trilemma, combining speed, low transaction costs, and decentralization. Along with strong growth in dApp usage, meme coin traction, and a surge in stablecoin transactions, these factors are driving optimism about NEAR’s price potential.
Meme coins have been pivotal in increasing the market cap of other blockchains, such as Solana and Tron. On NEAR, Meme Cooking, a token launchpad, has garnered quick traction, showing the potential for similar growth. If NEAR’s meme coin sector expands, it could significantly boost its market cap and price, as meme coin popularity often drives speculative demand.
After the breakout above the falling wedge resistance, NEAR’s price reached around $6.00 before pulling back slightly. This pullback is typical after a breakout, but the 50-day EMA provides solid support, and a bounce from here could propel the price upward toward the $10 target.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply