- Near Protocol price has been in a strong bullish trend.
- There is a likelihood that it will keep rising in the near term.
The Near price is approaching its all-time high as the altcoin season goes on. The token has risen to a high of $17.26, which is slightly below its record high of $20.65. This price has risen by 1,033% from its lowest level in August last year, bringing its total market capitalization to over $11 billion.
Near ecosystem grows
The Near Protocol is a leading smart contract platform that seeks to help developers build quality decentralized applications (dApp).
The network has been in a growth phase as developers have embraced the network because of its speed and throughput.
Near has been helped by the ongoing roll-out of nightshade sharding technology that it hopes will usher in a period of mass adoption. Sharding hopes to increase throughput by reducing the size of blocks into smaller pieces known as shards. It is a technology that was developed by Zilliqa and has now been adopted by other networks like Elrond, Polkadot, and Ethereum.
The Near price has been in a strong bullish trend and is approaching its all-time high because of the vibrance of its ecosystem. For example, according to DeFi Llama, the total value locked (TVL) in the network has risen to more than $1.2 billion. Some of these apps in the ecosystem are Reef Finance, Meta Pool, and Burrow, among others.
The number of unique addresses in Near has also risen substantially. In the first quarter, the number of addresses had a year-on-year increase of 139%. It managed to beat other smart contract platforms like Avalanche and Cronos.
Near has also rebounded because of the recent strong performance of Zilliqa, the network that introduced the concept of sharding. ZIL was one of the best-performing digital currencies in March due to its partnerships.
Near price prediction
A look at the daily chart shows that the Near price has been in a strong bullish trend in the past few days. During this climb, it has managed to move above the important resistance level at $13.97, which was the highest level on February 6th. It has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been rising.
Therefore, the Near token will likely keep rising as bulls target the next key target at $20.80, which was the all-time high. A drop below the support at $13.97 will invalidate this view.
Contributors
