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NEAR Protocol

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<p>NEAR Protocol has been making significant strides in the cryptocurrency space, with its native token experiencing a notable price surge. NEAR’s value has risen by 57% from its September 6 low of $3.41, reaching an eight-week high of $5.36 by September 24. Currently, NEAR is trading at $5.26, indicating continued bullish momentum.</p><h3 id="sharding-implementation-enhances-near-s-scalability">Sharding Implementation Enhances NEAR’s Scalability</h3><p>One of the key drivers behind NEAR Protocol’s recent price performance is the successful implementation of sharding through the <a href="https://near.org/blog/phase-2-of-near-sharding-launches" rel="noopener noreferrer nofollow">NEAR 2.0</a> update. Completed on August 12, this update allows the NEAR network to handle more transactions by splitting them across multiple node groups, a process known as sharding. This makes NEAR one of only two blockchains, after Elrond, to achieve sharding in production.</p><p>Sharding addresses the blockchain trilemma by increasing scalability without compromising security or decentralization. With this improvement, NEAR Protocol has positioned itself as a faster, more scalable, and lower-cost option for decentralized applications, making it highly competitive with other platforms like Ethereum.</p><h3 id="increased-network-activity-and-tvl-growth">Increased Network Activity and TVL Growth</h3><p>Recent on-chain data shows substantial growth in NEAR’s network activity, further boosting confidence in its ecosystem. Between August 25 and September 24, daily transactions on NEAR rose by 42%, and new address creation increased by 30.8%.</p><p>This surge in network activity has also resulted in a 34% rise in the total value locked (TVL) on NEAR-based decentralized applications. The TVL has grown from $183.7 million on September 7 to $246.5 million on September 24, indicating that more users are utilizing NEAR’s blockchain for various decentralized finance (DeFi) projects.</p><h3 id="near-futures-open-interest-shows-bullish-market-sentiment">NEAR Futures Open Interest Shows Bullish Market Sentiment</h3><p>Another factor contributing to NEAR’s bullish momentum is the rising open interest (OI) in NEAR futures contracts. Derivatives data from <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="noopener noreferrer nofollow">Coinglass</a> shows that OI has increased from $114.9 million on September 7 to $279.2 million by September 24. This suggests growing interest from traders and an influx of new capital into the market, which often signals potential for further price growth.</p><h3 id="near-usd-technical-analysis">NEAR/USD Technical Analysis</h3><p>From a technical perspective, NEAR’s price action is showing strong upward momentum. The token has broken above its descending trendline and is now trading above key moving averages, including the 50-day, 100-day, and 200-day exponential moving averages (EMAs).</p><p>The relative strength index (RSI) for NEAR is currently at 70, indicating that buyers are firmly in control. Analysts are watching key resistance levels at $6 and the June high of $6.45. A break above these levels could further strengthen the bullish outlook. However, a daily close below the 50-day EMA at $4.40 would invalidate the current bullish thesis and could trigger a pullback toward the $3.50 level.</p><h3 id="conclusion">Conclusion</h3><p><a href="https://icogemhunters.com/near-protocols-price-rebound-are-investors-missing-out-on-a-major-opportunity/" rel="noopener noreferrer nofollow">NEAR Protocol’s</a> recent developments, including the implementation of <a href="https://x.com/NEARProtocol/status/1752350002209267931" rel="noopener noreferrer nofollow">sharding</a> and increasing network activity, suggest that the project is well-positioned for continued growth. While the token is still down 74% from its all-time high of $20.42, its current upward trajectory, combined with increased usage and trader interest, signals potential recovery beyond the $10 mark in the near future.</p><p></p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p></p><p><em>Source: </em><a href="https://icogemhunters.com/near-protocol-skyrockets-whats-fueling-this-57-surge/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

NEAR Protocol Skyrockets—What’s Fueling This 57% Surge?

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