NEAR Protocol [NEAR] is attracting significant attention within the cryptocurrency sphere due to its consistent price surge. Recent advancements, particularly its foray into artificial intelligence (AI), have contributed to heightened curiosity.
Meanwhile, technical signals indicate the possibility of a breakthrough leading to price levels in the double digits.
NEAR’s Expansion into the AI Domain
NEAR Protocol has officially ventured into the AI sector with the unveiling of NEAR AI, a set of tools and platforms crafted to incorporate artificial intelligence into both web2 and web3 environments.
One of these tools is the NEAR AI Assistant, currently in its preliminary stage.
This AI Assistant grants users access to advanced AI functionalities via chat.near.ai, facilitating seamless interactions between web2 and web3 services.
By incorporating AI agents capable of operating on behalf of users across digital landscapes, NEAR aims to position itself at the forefront of AI-driven blockchain solutions.
The flourishing AI industry alongside NEAR’s recent undertakings positions the protocol favorably to seize a portion of the expanding AI-focused market.
Robust Price Momentum and Significant Levels
NEAR has exhibited robust price movement in recent weeks. At present, NEAR is valued at $7.78, reflecting a 1.27% increase in the last 24 hours and a notable 12.07% rise over the past seven days.
Observers are closely watching the token’s progress as it nears crucial resistance levels.
According to crypto analyst Daan Crypto Trades,
“NEAR is maintaining its position well during the retest and is gradually climbing higher.”
The price recently found support at $6.46, a level that previously served as resistance in both August and November. This successful retest indicates the bullish trend’s strength.
The immediate upcoming resistance is at $8.53, a level last tested in May and July. Surpassing $8.53 would position NEAR to challenge the peak of $9.05 from the previous cycle.
A breakthrough above this threshold could potentially drive the token into the double-digit range, with $10 as the next psychological target.
Bullish Sentiment in the Derivatives Market
Data from Coinglass reveals active trading in NEAR’s derivatives market. A trading volume exceeding $1.35 billion (+12.11%) and an open interest of $539.58 million (+8.53%) indicate rising engagement and growing trader confidence.
The long-to-short ratio on Binance is notably skewed, with 4.76 long positions for every short.
Liquidation data further highlights the prevailing bullish sentiment. In the past day, liquidations amounting to $2.09 million occurred, with most of these positions being longs.
While this signals some volatility, the overall trend supports a sustained upward movement.
NEAR’s Ecosystem Expansion Bolsters Positive Prospects
In addition to price movements, NEAR’s ecosystem is witnessing growth. Data from DefiLlama indicates that the protocol’s total value locked (TVL) stands at $350.57 million, marking a 4.46% increase in the last 24 hours.
Moreover, the stablecoin market capitalization on the network is valued at $665.38 million, while daily fees and revenue combined total $33,615.
This amalgamation of ecosystem expansion, technical momentum, and strategic AI strides could set NEAR on a course towards attaining double-digit price levels.