The latest figures show that NEAR Protocol (NEAR) was priced at $5.10, experiencing a decrease of -3.92% in the previous 24 hours. However, over a week, NEAR witnessed an impressive increase of over 42% in value on the weekly charts, which was quite unexpected.
Within a day, NEAR saw a substantial surge in trading volume to $1.67 billion, signaling a vibrant market. The protocol’s market capitalization reached $6.42 billion with a circulating supply of 1.2 billion NEAR tokens.
Analyzing NEAR’s trading chart, important levels surfaced for traders. The current support level stands at $2.74, historically recognized as a strong buying zone. On the flip side, resistance is holding steady at $6.20, needing to be overcome for sustained upward movement.
Market analysts anticipate that breaching this resistance level could lead NEAR towards a rally targeting $15 to $20 in the coming months.
Positive Technical Indicators Underline Bullish Momentum
Examining NEAR’s daily chart from a technical perspective, it revealed widening Bollinger Bands, indicating increased market volatility. Presently, the price is hovering close to the middle band, hinting at an upcoming consolidation phase with the potential for directional changes.
The Relative Strength Index (RSI) currently stands at 57.46, signaling a neutral to slightly bullish momentum. This RSI level suggests that NEAR is not in an overbought state, leaving room for further growth if market conditions remain favorable.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator displayed bullish inclinations. With the MACD line positioned above the Signal line and the histogram bars growing taller, there is a visible strengthening of the upward pressure.
Deutsche Telekom Joins NEAR as a Validator
Exciting news follows as Deutsche Telekom revealed its participation as a validator on the NEAR Protocol. In a press release dated 11th November, the telecommunications giant expressed its commitment to supporting the blockchain’s infrastructure.
This decision aligns with Deutsche Telekom’s emphasis on decentralized technologies and user data sovereignty.
Oliver Nyderle, the Head of Digital Trust and Web3 Infrastructure at Deutsche Telekom, praised the collaboration as “promising and innovative.” He stated that NEAR’s objectives resonate with the company’s principles of enhancing user control over data. This partnership is anticipated to further bolster NEAR’s acceptance among institutions.
On-Chain Metrics Show Increasing Ecosystem Activity
As per DeFiLlama, NEAR’s Total Value Locked (TVL) stood at $257.2 million at the time of reporting, marking a 5.13% surge in the last 24 hours. Furthermore, the stablecoin market capitalization within the protocol reached $677.78 million, while daily fees and revenue amounted to $19,300.
Additionally, NEAR registered a 24-hour transaction volume of $7 million.
Lastly, the protocol’s funding initiatives successfully raised $33.7 million, highlighting continuous development efforts and ecosystem expansion.