• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Saturday, May 31, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

NEAR Protocol Spikes 40% Setting up Bullish Momentum

Jordan Avery by Jordan Avery
March 7, 2024
in NEAR Protocol
Reading Time: 3 mins read
0
near-protocol-price-growth 1
Share on TwitterShare on Facebook

The price of NEAR Protocol skyrocketed with a massive growth on the daily chart, which is still bullish! Dealing a significant blow to the bears who were expecting a decline. Further developments in NEAR are likely to hit short-sellers even harder, but some technical indicators suggest they still have a chance to take revenge.

NEAR Protocol: Explosive Growth!

In two days, the NEAR token rose in price by 40% and tested the $6 mark. At the time of writing, the token is trading around $5.57. This growth pleased many, but not the bears, who bet that the price would go down after three red candles in a row.

Over the course of the day, more than $2.23 million worth of short positions were liquidated, the first episode of this magnitude in nearly three months. At the same time, many indicators are signaling further price growth. The OI-weighted funding rate favors the coin and averages 0.0670%. Positive rates indicate bullish sentiment in the market.

NEAR-PROTOCOL-PRICE-GROWTH
source: defillama

In addition to speculation, online activity is also increasing. Amid the soaring price, the total value of assets locked in the NEAR protocol (TVL) increased by 22.5% (on a daily basis), from $155 million to $189 million. The growing popularity of the protocol amid increased demand is fueling this rally.

Potential Correction Ahead

Although the price has increased, it has not yet consolidated at new levels and is currently facing a barrier at $5.60. Its breakout is likely, but to continue its growth, it is more important to turn it into support.

near-protocol-price-surge-growth-bullish
coinmarketcap

Once this happens, the token will be on track for a yearly high of $6.50. Based on the above indicators, the bears may stay on the sidelines for a while to avoid further losses. This can serve as a catalyst for the asset and push it towards the resistance level.

However, the relative strength index (RSI) indicates that the asset is currently overbought. It is above 70 and is set to decline. If the indicator is above the neutral level of 50 but declining, then the bulls are likely losing ground after the recent rally. Such a sign may hint at an upcoming correction.

This has happened before, and such an outcome would keep the price around $5.60. The loss of this support level will deprive the bullish scenario of strength and send the cryptocurrency towards $4.85.

Tags: bullish momentumcryptocurrency marketnear cryptoNEAR priceNEAR Protocoltechnical analysis
Previous Post

Biden-Related Memecoin BODEN Stuns Markets With 1600% Surge 

Next Post

Charles Hoskinson of Cardano Reacts To ADA & SOL Comparison

Related Posts

NEAR Struggles Amid Selling Pressure
NEAR Protocol

NEAR Struggles Amid Selling Pressure

December 27, 2024
NEAR-PROTOCOL-Chain Abstraction 1
NEAR Protocol

NEAR Protocol Unveils NEAR Name Tokens for Enhanced Digital Identities in Web3

May 30, 2024
near-protocol-Illia Polosukhin-price- 1
NEAR Protocol

Illia Polosukhin: The Rise of User-Owned AI on NEAR

May 26, 2024
NEAR-PROTOCOL-PRICE-22121121 1
NEAR Protocol

NEAR Protocol Poised for 47% Surge Soon, Analyst Says

May 13, 2024
near protocol-price-network 1
NEAR Protocol

NEAR Protocol Rockets in Q1: Market Cap, Revenue, Active Users Soar

May 6, 2024
near protocol partnership
NEAR Protocol

NEAR Foundation, Lulo X, and Peersyst Technology Partner to Drive Digital Finance Innovation

April 29, 2024

Press Releases

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?
News

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

by Alex Mercer
May 25, 2025

Introduction It seems the U.S. labor market has hit a pothole—again. The Kansas City Fed’s Labor Market Conditions Index (LMCI)...

Read more
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
Trump Meme Coins Spark Calls for Treasury Review

Trump Meme Coins Spark for Treasury Review

May 15, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier