NEAR Protocol spikes 20% to hit $3: Is NEAR just getting started?

NEAR Protocol spikes 20% to hit $3: Is NEAR just getting started?

By Benson Toti - min read
  • 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.

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.