NAIROBI (Coinchapter.com) – The NEAR Protocol skyrocketed a remarkable 35% in value over the past seven days. This upward trajectory coincides with the growing excitement around AI technologies and their potential impact on various industries, including the cryptocurrency sector.
According to data from CoinGecko, the total market capitalization of AI and big data tokens currently stands at an impressive $36.64 billion, reflecting the heightened interest in this domain. Analysts predict that the AI market could reach a staggering $196 billion by 2024, indicating that the current hype surrounding AI may be the beginning of a larger wave.
NEAR, has experienced a positive price trajectory, currently trading at $7.15 and showing a 4.56% increase over the past 24 hours. This upward trend suggests growing investor interest in the network.
Key technical indicators further support this bullish outlook. NEAR Protocol skyrocketed this week, surpassing both its 50-day and 100-day Exponential Moving Averages (EMA), suggesting strong momentum. Additionally, the Relative Strength Index (RSI) has risen above 60, a level traditionally associated with bullish sentiment. If NEAR maintains momentum, a decisive breakout could propel its price towards the $9 resistance level in the near term.
The NEAR Protocol’s DeFi ecosystem continues to attract developers and users. Currently, the total value locked (TVL) in its DeFi dApps exceeds $655 million. Noteworthy dApps within the network include Burrow, Linear Protocol, and Meta Pool, each experiencing steady growth in user activity.
Recent partnerships are fueling NEAR’s price surge. The collaboration with LuloX, a leading Colombian fintech company, paves the way for a stablecoin on the NEAR network, promising to expand accessibility and stability within the Web3 space. Additionally, partnerships with TrueZK and DapDap bolster NEAR’s scalability and privacy capabilities, solidifying its appeal for developers and users.
These strategic moves signal a growing confidence in the NEAR Protocol’s future. As the ecosystem expands and offers increasingly diverse solutions, wider adoption is likely. This increased demand and adoption often translate into upward price pressure on the NEAR token.
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