HomeMarket AnalysisNEAR Protocol (NEAR) hits $3 as price spikes 20%

NEAR Protocol (NEAR) hits $3 as price spikes 20%


NEAR Protocol (NEAR) hits $3 as price spikes 20% 1653575739687 23c2b9ad 7aeb 4e61 91ed 12c2c0f39ac7
  • NEAR Protocol (NEAR) price rose 20% on Wednesday to hit $3 as TVL reached $76 million.
  • Technical indicators suggest bulls have the upper hand and could target $6.00.

NEAR Protocol (NEAR) is one of the top performing crypto assets today, alongside the skyrocketing Solana (SOL), Stacks (STX) and Injective (INJ). With Bitcoin (BTC) breaking above $44k and Solana flipping XRP in market cap, it’s been an eventful 24 hours for the crypto market.

What next for NEAR price?

According to data from the NEAR block explorer, the latest upsurge in price of the sharded proof-of-stake blockchain’s native token has come as the total count for unique addresses rose sharply. 

The total value locked in the NEAR ecosystem has also increased, with DeFiLlama data showing TVL has risen from $55 million on December 17 to over $76 million on December 20.

 A look at the NEAR Protocol technical picture shows the Relative Strength Index (RSI) currently sits at 73.  While it’s piercing into the overbought territory, the daily RSI is overextended yet. The Moving Average Divergence Convergence (MACD) indicator on the daily chart is also suggesting that the upside move may yet continue.

NEAR Protocol (NEAR) hits $3 as price spikes 20% 1703102945228 6170a2d9 e21d 438b 8c4b f18c6c1c0010

Today, the price of NEAR Protocol jumped 20% to above $3.00. Meanwhile, its daily trading volume increased by more than 210% to over $761 million. If bulls hold prices above $2.55 in coming days, it is likely NEAR could return to August 2022 levels above $6.00. 

On the downside, primary support is expected at $2.18.

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