- NEAR retests $1.35 support zone, but analysts predict a potential surge to $10-$15 levels.
- NEAR’s TVL drops to $231M, but bullish Parabolic SAR signals possible recovery and breakout.
As a seasoned researcher with years of experience navigating the cryptosphere, I find myself intrigued by the current state of NEAR Protocol [NEAR]. The recent dip to $4.55 has been a familiar sight in this volatile market, but it’s the analyst predictions that have caught my attention. Michael van de Poppe’s bullish stance on NEAR reaching levels between $10 and $15 is quite captivating, given its potential 225% surge from its current price.
The cryptocurrency NEAR Protocol [NEAR] has dipped to $4.55, representing a 2.39% drop within the last day and a 5.51% fall over the past week. In the last 24 hours, its trading volume amounted to approximately $268.8 million, while its current market capitalization is around $5.53 billion.
The current dip follows a year of underperformance compared to other newer blockchain networks.
In spite of the current slump, crypto expert Michael van de Poppe remains hopeful about the prospects of NEAR. He foresees a recovery that could propel NEAR’s value to anywhere between $10 and $15, indicating a possible increase of 225% from its current price range.
Key support and resistance levels
As a researcher, I’ve recently revisited an earlier consolidation point, hinting that a reversal might be on the horizon. The range where this consolidation occurred is approximately between $1.35 and $1.50. If the current correction continues, this area could serve as a promising entry point should the price bounce back.
Looking on the positive side, there appears to be a potential resistance point at $6.25, which correlates with past periods of price stabilization.
In simpler terms, using tools such as the Parabolic Stop and Reverse (SAR), we can see signs that the market might recover. These signs are represented by dots appearing beneath the current price point. This suggests a prevailing optimistic outlook among investors, which could prolong the upward trend if market circumstances become favorable again.
TVL declines in NEAR’s ecosystem
According to data from DeFi Llama, the Total Value Locked (TVL) for NEAR currently stands at approximately $231.93 million. This figure is lower than its year-to-date peak of $358 million, suggesting decreased activity within the NEAR DeFi ecosystem.
As a crypto investor, I’ve noticed that decentralized applications (dApps) like Burrow, LiNEAR Protocol, Meta Pool Near, and Ref Finance play significant roles in boosting the value locked within their network, often referred to as TVL. However, when comparing these networks with other layer-1 and layer-2 blockchains, the TVL numbers appear somewhat lower at this point.
Compared to Arbitrum ($2.34B) and Base Blockchain ($2.43B), as well as the up-and-coming Sui network with $1.01 billion, NEAR seems to be trailing in the area of DeFi adoption and asset amassment at this moment, given these figures.
Potential for consolidation and breakout
According to a recent analysis from AMBCrypto, it’s possible that the price action for NEAR could stay within its existing price range due to ongoing bearish market feelings, suggesting potential sideways movement in the near term.
As a crypto investor, I’ve noticed a promising possibility arising. A potential bounce back from the current support levels might trigger a wider market recovery. Moreover, the Parabolic SAR indicator hints at an impending bullish trend, suggesting that traders are actively accumulating NEAR coins at these levels, which could potentially signal a surge in price.
If the current trend persists, NEAR might hold its place during the consolidation period and could surge ahead if there’s a positive change in market sentiments.
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2024-10-25 15:03