- A technical analyst predicted that NEAR’s price could reach $15 long-term if it maintains its current support levels.
Increased Total Value Locked (TVL) and heightened retail investor activity indicated that NEAR might be ready for a rally.
As a seasoned analyst with over two decades of experience under my belt, I’ve seen my fair share of market predictions and trends. However, the bullish outlook for Near Protocol [NEAR] is one that truly catches my attention. With its current support levels maintaining and retail investor activity showing signs of a rally, it seems like NEAR is primed for a significant surge.
Although there was a 2.74% drop in the past 24 hours, Near Protocol [NEAR] is on the hunt for a point that could trigger more purchase interest and propel its existing monthly increase of 4.67%.
Based on AMBCrypto’s assessment, it’s anticipated that the price trend of NEAR will climb higher. The recent one-day dip in price is considered just a brief pullback.
$15 target projected for NEAR
According to analyst Michael Van De Poppe, there’s a possibility of an upward trend in NEAR. He pointed out that the cryptocurrency’s market setup exhibits favorable indicators suggesting a potential surge soon.
He explained,
“The markets are shaping up for a reversal.”
This upbeat perspective gained strength when NEAR returned to a crucial support area, which Van De Poppe had marked earlier as significant for heavy buying actions.
He commented,
If the price remains between $2.75 and $3.40, it’s likely that the value of NEAR might reach around $15 over the next 3 to 6 months.
It’s significant that if NEAR were to hit $15, it would be a milestone since its last trade at this price point occurred on the 26th of April 2022, as found out by AMBCrypto.
While the extended outlook on NEAR‘s growth might seem overly positive, its robust foundations and decreased influence of Bitcoin could provide a strong base for its potential increase.
AMBCrypto has explored the key drivers behind NEAR’s anticipated rally.
Retail investors fueling NEAR’s rally
According to AMBCrypto, based on data from Coinglass, it appears that individual investors have remained hopeful regarding NEAR, which in turn has led to an increase in the cryptocurrency’s value. This optimism is reflected in both the growing Open Interest (OI) and the OI-Weighted Funding Rates.
The term “Open Interest” refers to the quantity of derivative contracts that have yet to be settled. The “OI-Weighted Funding Rate,” on the other hand, works to ensure that the prices of perpetual contracts mirror the current market value (or “spot price”) by taking into account this outstanding Open Interest.
Currently, the Open Interest for NEAR reached an high of $130.26 million, bouncing back from a dip to $114.95 million that occurred on the 7th of September.
Should the current upward movement continue, it’s possible for NEAR‘s short-term prices to reach around $5.256 or $6.489, as these levels exhibit substantial trading volume. With additional momentum, prices might climb further to approximately $7.709 and potentially even to $8.520.
Beyond these factors, the movement of wider investment behaviors was additionally shaping the path of Near’s price trend.
NEAR investors at play
Based on information from DeFiLlama, it appears that the overall value invested (Total Value Locked or TVL) within the NEAR platform is steadily growing, suggesting a rise in user investment and engagement.
The total value locked (TVL) in a particular cryptocurrency protocol, representing the combined worth of all the assets deposited, currently stands at approximately $198.72 million. This figure has bounced back following a decrease observed on the 6th of September.
Read Near Protocol’s [NEAR] Price Prediction 2024–2025
An increasing Total Value Locked (TVL) suggests a positive trend, implying more investments being made and reflecting growing trust and involvement of investors in the protocol.
As a crypto investor, I can see a continued upward trend, and if my observations hold true, NEAR‘s price seems poised to mirroring this movement, capitalizing on the positive wave of momentum.
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2024-09-11 21:44