NEAR Protocol Surges: TVL Hits $244M, Growth Signals
The Most Important Points at a Glance:
– NEAR Protocol has reached a new milestone with a Total Value Locked (TVL) of $244 million USD.
– A technical breakout from a symmetrical triangle suggests further upside potential.
– Despite rising prices, social dominance remains low, while Open Interest (OI) has increased by 19.02%.
– Network development activity demonstrates long-term stability, even if short-term price surges are not directly influenced by it.
NEAR Protocol: A Technical Breakout with Potential
The price of NEAR Protocol recently achieved a significant technical breakout from a symmetrical triangle. Such patterns often signal strong price movements. The current breakout could pave the way for a rise toward the resistance zone at $8.31 USD. At the same time, the $4.00 USD level remains a solid support, providing stability for the bulls.
Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support this optimistic outlook. The RSI stands at 65, indicating there is still room for growth before overbought conditions are reached. The MACD shows a positive trend, bolstered by a growing histogram.
Why Is Social Dominance Lagging Behind?
Despite the price increase, NEAR’s social dominance has declined, currently standing at 0.0089%. This suggests that institutional investors and larger market players are driving the rally, while retail investors remain hesitant. If social activity increases, it could further enhance momentum and attract more attention in the market.
Development Activity as a Foundation for Long-Term Growth
NEAR Protocol’s development activity currently stands at 14.82. This moderate value indicates that the network is being steadily improved. Historically, projects with continuous development tend to attract long-term-oriented investors. While this may not trigger significant short-term price jumps, it enhances the ecosystem’s credibility.
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Rising Open Interest Signals Institutional Interest
Open Interest (OI)—a measure of the volume of open trading positions—has increased by 19.02% to $404.88 million USD. This rise reflects growing interest from institutional investors and leveraged traders. Such developments often indicate positive market sentiment and could drive the price further upward.
Our Assessment
NEAR Protocol is at an exciting juncture. The technical breakout, increased TVL, and rising Open Interest point to further growth potential. However, low social dominance highlights a cautious approach from retail investors. If NEAR breaks through the resistance level of $8.31 USD, it could trigger a broader rally. In the long term, continuous development activity provides a solid foundation for the project.
Sources: TradingView, Santiment, Coinglass
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