How AI helped Near Protocol [NEAR] surge 16% in 7 days

NEAR

As a researcher with experience in the cryptocurrency market, I have closely observed NEAR Protocol’s recent surge despite the overall downtrend in the altcoin market. The integration of AI and blockchain technologies within NEAR has been a game-changer, as evidenced by COO Chris Donovan’s remarks and recent developments with AI giant Nvidia.

Unlike many other cryptocurrencies, or altcoins, which have followed Bitcoin‘s (BTC) downtrend and reached a new low at $60.777.32, Near Protocol (NEAR) has shown more determination in its price movements.

Despite the crypto market’s downward trend, AI-linked tokens like NEAR have persisted in their growth due to ongoing advancements and expanding use in artificial intelligence technology.

What’s driving NEAR’s surge?

As a researcher, I’ve noticed an escalating trend in the intersection of artificial intelligence (AI) and blockchain technology. This is backed up by statements from industry insiders like NEAR Foundation COO Chris Donovan, who have publicly acknowledged this growing partnership.

In his remarks, he said,

” The solution… is the unification of Blockchain and AI.”

He further said,

“We think that creates a possibility for a world where user’s wellbeing can be optimized for.”

As a researcher studying the trends in the tech industry, I’ve observed that Nvidia Corporation’s latest advancements in artificial intelligence (AI) technology have significantly contributed to the recent price increase of Near Protocol (NEAR).

Based on the findings in the report, Nvidia now holds the title as the most valued company globally, having outpaced Microsoft with a market capitalization of an impressive $3.3 trillion.

Also, according to X (formerly Twitter) user PlanetaVeNEARa,

Over the past month, NEAR Protocol has regained the leadership in terms of user base among blockchains, with a total of 16.3 million unique addresses.

The advancements in AI tech and their implementation into the NEAR protocol have significantly boosted NEAR’s value.

NEAR Positive Fundamentals

How AI helped Near Protocol [NEAR] surge 16% in 7 days

AMBCrypto’s analysis of Santiment showed that NEAR was well-positioned towards a bullish trend.

The proportion of stablecoin supply kept by whale investors, with a balance exceeding $5 million, has grown from $52 million to $54 million over the past week.

During this period, whales were amassing large quantities of assets in preparation for investing in the market, leading to a significant increase in price and a bullish outlook among investors.

How AI helped Near Protocol [NEAR] surge 16% in 7 days

In addition, our examination of Coinglass indicated signs of a short squeeze situation during the past 24 hours. Short sellers attempted to buy back their shares to mitigate losses.

Unexpected price hikes cause buying pressure to rise, in turn boosting prices.

At the current moment, the Money Flow Index (MFI) for NEAR indicates robust purchasing activity. The MFI reading of 59 implies that there have been more buys than sells in the market.

Higher buying pressure leads to increased prices, as the daily charts indicate.

In the same way, the Simple Moving Average (SMA) fell short of the benchmark prices at the given moment, signaling a favorable market outlook.

When the cost of an asset exceeds its Simple Moving Average (SMA), this implies that buying force is prevailing. Buyers are exhibiting greater power in the market compared to sellers, resulting in a rising trend.

Realistic or not, here’s NEAR’s market cap in BTC’s terms

How far can NEAR go?

As a crypto investor, I’m observing that NEAR is currently priced at $5.58 on the market, representing a 2.36% growth over the past 24 hours. Moreover, there’s been a significant surge in trading activity, with a 29.98% increase in volume within the same timeframe, reaching a total of $492 million.

Should the existing purchasing momentum persist, Near Protocol’s price may hit $5.755 in the immediate future. If it manages to surmount the subsequent resistance at around $5.755, there is potential for a significantly bullish trend that could lead to $6.396.

2024-06-26 01:11

What’s driving NEAR’s surge?

NEAR Positive Fundamentals

How far can NEAR go?

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