NEAR Protocol [NEAR] is gaining traction in the cryptocurrency sphere with its price steadily rising. Recent advancements, particularly its foray into artificial intelligence (AI), have generated increased attention.
At the same time, technical signals indicate a possible breakthrough towards price levels in the double digits.
NEAR’s Expansion into AI
NEAR Protocol has officially entered the realm of AI by introducing NEAR AI, a collection of tools and platforms designed to incorporate artificial intelligence into both web2 and web3 environments.
One notable tool in this lineup is the NEAR AI Assistant, currently in its alpha phase, which offers users access to advanced AI functionalities through chat.near.ai, facilitating seamless interactions between web2 and web3 services.
By integrating AI agents capable of operating within digital ecosystems on behalf of users, NEAR aims to position itself at the forefront of AI-powered blockchain solutions and potentially tap into the expanding AI-driven market.
Impressive Price Performance and Crucial Thresholds
NEAR has demonstrated significant price movement in recent weeks, with the latest figures showing NEAR priced at $7.78. This represents a 1.27% increase over the past 24 hours and a 12.07% gain during the previous week.
Market analysts are closely observing the token as it nears key resistance points.
According to crypto expert Daan Crypto Trades,
“NEAR is holding up well during the retest and has been steadily rising.”
Recent price action saw support at $6.46, a level that previously posed as resistance in August and November. This successful retest indicates a strong upward trend. The immediate obstacle lies at $8.53, last tested in May and July. Surpassing $8.53 could set NEAR up to challenge the cycle high of $9.05.
A breakthrough above this level could propel the token into double-digit value territory, with $10 emerging as the next psychological milestone.
Bullish Sentiment in Derivatives Market
Data from Coinglass indicates robust activity in NEAR’s derivatives market with over $1.35 billion in trading volume (+12.11%) and $539.58 million in open interest (+8.53%), suggesting growing participation and increasing trader confidence.
The long-to-short ratio on Binance is significantly skewed, with 4.76 times more long positions than short.
Liquidation records further emphasize the prevailing bullish sentiment, with over $2.09 million in liquidations occurring in the past 24 hours, primarily from long positions.
While some volatility is evident, the overall trend supports continued upward mobility.
Positive Outlook Supported by NEAR’s Ecosystem Expansion
Aside from price movements, NEAR’s ecosystem is experiencing growth. Data from DefiLlama reveals that the protocol’s total value locked (TVL) stands at $350.57 million, marking a 4.46% increase in the last 24 hours.
Moreover, stablecoin market capitalization on the network is valued at $665.38 million, with daily fees and revenue totaling $33,615.
This combination of ecosystem expansion, technical progress, and strategic AI endeavors could pave the way for NEAR to reach higher price points beyond double digits.