Despite experiencing a 2.74% decline in the past day, Near Protocol [NEAR] has been exploring a threshold that could trigger additional buying pressure to enhance its current monthly increase of 4.67%.
As per an evaluation conducted by CryptoCrypto, NEAR is anticipated to trend upwards, with the recent slight price dip seen as a mere retracement.
Anticipated $15 Goal for NEAR
Analyst Michael Van De Poppe predicted a positive trajectory for NEAR, recognizing favorable patterns in the cryptocurrency’s market structure indicating an impending surge.
He elaborated,
“Market conditions are indicating a potential reversal.”
This upbeat outlook gained further support as NEAR re-entered a crucial support range identified earlier by Van De Poppe as pivotal for significant buying interest.
He remarked,
“As long as the $2.75-3.40 range remains intact, we could witness NEAR reaching $15 in the next 3-6 months.”
Achieving the $15 mark would mark a noteworthy milestone for NEAR, which was last seen trading at this level on the 26th of April 2022, as per insights from CryptoCrypto.
While this long-term prediction might seem optimistic, a mix of strong fundamentals and a notable decline in Bitcoin’s dominance could bolster NEAR’s potential ascent.
CryptoCrypto has delved into the key factors fueling NEAR’s projected surge.
Retail Traders Driving NEAR’s Surge
CryptoCrypto, leveraging data from Coinglass, observed that retail traders held bullish sentiments towards NEAR, propelling the cryptocurrency upwards as both Open Interest (OI) and OI-Weighted Funding Rates continued to rise.
Open Interest signifies outstanding contracts in derivatives trading, while the OI-Weighted Funding Rate aids in aligning perpetual contract prices with the spot price based on this open interest.
Currently, NEAR’s Open Interest has peaked at $130.26 million, recovering from a dip to $114.95 million on the 7th of September.
If this upward trend persists, NEAR might target near-term price levels of $5.256 or $6.489, where substantial liquidity is present. Further momentum could potentially drive prices towards $7.709 and then $8.520.
Aside from these trends, wider investor actions were also impacting NEAR’s price trajectory.
Involvement of NEAR Investors
According to DeFiLlama, the Total Value Locked (TVL) in NEAR has been rising, indicating heightened investor engagement.
TVL, which gauges the aggregate value of assets staked within a cryptocurrency protocol, has reached $198.72 million, rebounding from a recent decline on the 6th of September.
An increasing TVL serves as a bullish sign, demonstrating growing deposits and showcasing escalating investor trust and interaction with the protocol.
If this pattern continues, NEAR’s price is expected to follow suit, benefitting from the positive momentum.