NEAR Protocol Targets $9 After Strong Network Activity and Rising Market Optimism
- NEAR Protocol surges as strong network growth and investor optimism push price targets toward the $9 mark.
- NEAR Intents processes $525 million in swaps within 30 days, boosting its role in cross-chain infrastructure.
- Analysts eye a breakout, predicting a major upside move as token’s price consolidates before potential expansion.
NEAR Protocol is making headlines with surging ecosystem development and climbing investor optimism. The analysts highlight its expansion of dominance in the cross-chain domain, backed by impressive network performance. Analysts believe that NEAR may be poised for a significant upside explosion in the upcoming sessions.
At the time of writing, NEAR is trading at $2.98, recording a 2.27% increase in the last 24 hours. The token’s 24-hour trading volume stands at $703.79 million, with a market capitalization of $3.72 billion, reflecting growing engagement within the NEAR ecosystem.
NEAR Intents Powers $525 Million Swaps
Prominent crypto analyst CryptoBusy highlighted the fastest growth of NEAR Intents, a new network designed to streamline and accelerate cross-chain token swaps. According to CryptoBusy, NEAR Intents has acted as a catalyst for over $525 million worth of swaps within the first 30 days, underscoring its significance as a cornerstone of the growing Web3 infrastructure.
This milestone testifies that the NEAR network remains open for developers and users seeking accelerated and streamlined blockchain experiences.
NEAR Eyes Breakout Amid Rising Activity
Concurrently, another notable analyst, World of Charts, stated that the value of the token has been trading narrowly, indicating a significant future move could happen. The analyst described that in the event it broke out from this current range, it would continue making its way up towards $8 – $9 zone in the midterm period.
On the whole, the increasing ecosystem activity of token, the increasing transaction volume, and the improving technical sentiment suggest that the track record of the token could be preparing for a new set of bull runs as the token consolidates its place in the cross-chain space.
Also Read | Shibarium Survives Bridge Hack With 4.6M BONE Recovery and New Safeguards
Community Shows Strong Bullish Sentiment
The sentiment of the public reveals a clear bull dominance since 85% of the respondents forecast expansion within the market. This overwhelming optimism reveals raging enthusiasm from the investors. The bulk of the contributors believe the trend of the market will continue upward for the short term.
On the other hand, only 15% of the population had a bearish attitude. This tiny fraction captures the small fear of downward reversals. The total captures robust confidence and optimism in trend persistence.
Also Read | XRP: 3 Bullish Technical Clues That Could Define the Coin’s October Trend
