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<p class="is-style-lead">Near token pulled back for two consecutive days as the recent Nightshade 2.0 launch on mainnet and as traders position for the upcoming Nvidia earnings.</p> 
<p>Near (<a href="https://crypto.news/price/near/" target="_blank" rel="noreferrer noopener">NEAR</a>) retreated to $4.83, down from last week’s high of $5.22. It remains slightly above the 50-day moving average and 57% above its lowest point this month.</p> 
<h2 class="wp-block-heading" id="near-defi-inflows-jump">Near DeFi inflows jump</h2> 
<p>A closer look at Near’s ecosystem reveals that most dApps in its Decentralized Finance ecosystem have experienced strong inflows in the past few weeks.</p> 
<p>Burrow, a lending marketplace similar to AAVE (<a href="https://crypto.news/price/aave/" target="_blank" rel="noreferrer noopener">AAVE</a>) saw its inflows jump by 23% over the last seven days, reaching $160 million.</p> 
<p>Similarly, inflows into liquid staking apps like Linear Protocol, Meta Pool, Here Wallet, and AllStake have increased by over 25% in the same period.</p> 
<p>Overall, the total value locked (TVL) in Near Protocol has soared to over $654 million, its highest level since July. In NEAR terms, the TVL has jumped to 47.6 million.</p> 
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   <p lang="en" dir="ltr">Largest TVL Growth, What Happened?<br><br>1️⃣ <a href="https://twitter.com/burrow_finance?ref_src=twsrc%5Etfw" target="_blank" rel="">@burrow_finance</a> / +24% in 7 days<br><br>The leading protocol on <a href="https://twitter.com/NEARProtocol?ref_src=twsrc%5Etfw" target="_blank" rel="">@NEARProtocol</a>, NEAR has been gaining traction recently. Almost all of its protocols have seen over 20% growth.<br>The increase in TVL is mainly due to the USDT, USDC, and FRAX markets,… <a href="https://t.co/5CKoWLy5WN" target="_blank" rel="">pic.twitter.com/5CKoWLy5WN</a></p>— The Smart Ape 🔥 (@the_smart_ape) <a href="https://twitter.com/the_smart_ape/status/1828025802564255852?ref_src=twsrc%5Etfw" target="_blank" rel="">August 26, 2024</a>
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<p>This rebound is likely due to the recent launch of the Nightshade 2.0 upgrade, which introduced stateless validation and enhanced scalability through advanced sharding.</p> 
<p>Sharding is a process that slices blocks into smaller shards, increasing a network’s throughput. It is also expected to <a href="https://near.org/blog/near-q4-protocol-roadmap-update" target="_blank" rel="">localize congestion</a>, so gas price increases do not affect the entire network. The developers aim to position Near as the preferred blockchain for launching decentralized applications.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-community-rallies-behind-telegram-founder-pavel-durov-on-heels-of-arrest/"> Crypto community rallies behind Telegram founder Pavel Durov on heels of arrest </a> </p> 
<h2 class="wp-block-heading" id="nvidia-earnings-ahead">Nvidia earnings ahead</h2> 
<p>The Near token is also in the spotlight as traders await <a href="https://crypto.news/fet-jumps-11-ahead-of-nvidias-q2-earnings/" target="_blank" rel="noreferrer noopener">Nvidia’s earnings</a>, scheduled for Aug. 28. These results are significant because Nvidia has become the leading AI company, pushing its market cap to over $3 trillion.</p> 
<p>The earnings report will provide more insight into whether the AI industry is still growing. In its last financial results, Nvidia’s revenue jumped by over 240% to $26 billion, surpassing its earnings from the entire fiscal year 2021.</p> 
<p><a href="https://seekingalpha.com/symbol/NVDA/earnings" target="_blank" rel="">Analysts expect</a> Nvidia’s quarterly revenues to come in at over $28.7 billion, higher than the $26.9 billion it made in 2022.</p> 
<p>Near Protocol has positioned itself as a prime blockchain for AI developers by offering agentic frameworks, payments, compute tools, and decentralized storage solutions. It has been adopted by companies like Ringfence, Masa, and Cosmose AI.</p> 
<p>With a market cap of $5.3 billion, Near is the largest AI-focused blockchain, according to <a href="https://www.coingecko.com/en/categories/artificial-intelligence" target="_blank" rel="">CoinGecko</a>. </p> 
<p> You might also like: <a href="https://crypto.news/akash-render-bittensor-tokens-brace-nvidia-earnings/"> Akash, Render, Bittensor tokens brace for Nvidia earnings </a> </p> 
<h2 class="wp-block-heading" id="near-token-is-still-in-a-downtrend">Near token is still in a downtrend</h2> 
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  <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/08/Near-Price.png" alt="Near token price"> 
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  Near price chart | Source: <a href="https://www.tradingview.com/symbols/NEARUSD/?exchange=BINANCE" target="_blank" rel="">TradingView</a>
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<p>The daily chart shows that the Near token is still in a downtrend even after rising by over 57% from its lowest point in August. It remains below the upper side of the descending channel that connects the highest swings since May 26.&nbsp;</p> 
<p>Near has also been forming a series of lower lows and lower highs, meaning that there is a risk that it may resume the downtrend and retest the support at $4. A bullish breakout will be confirmed if Near rises above the descending trendline.</p>

Near token hits technical resistance as DeFi inflows rise

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