Key Takeaways:
- NEAR Protocol's same-name token rallied over 35% in the previous two days.
- The daily chart flashed bullish technicals, forecasting a rally continuation.
- A $350 million funding round fueled the digital asset's upside impulse.
YEREVAN (CoinChaper.com) – NEAR Protocol’s namesake token pumped 35% in the previous two days and climbed over $19 in Friday’s European session. Moreover, the digital asset wiped all of its Q1 losses, trading close to its all-time high of $20.5.
The NEAR/USD daily chart technicals suggested a possible continuation based on rising trading volumes and a favorable MACD histogram. In detail, strong trading volumes reflect investors’ readiness to further pour funds into NEAR, fuelling a continuation rally rather than booking profits. Furthermore, the MACD trend-based indicator backed the forecast, printing rising green bars.
Additionally, should NEAR correct down, it could confirm a pattern dubbed the Cup and Handle. The latter is a bullish setup that predicts an uptrend equal to the depth of the ‘cup.’ In the case of NEAR, the target stood at $28.
Also read: Bitcoin uptrend underway: 3 reasons why.
It might be too early to draw long-term technical conclusions. However, bullish fundamentals backed the digital asset’s rally.
NEAR Protocol’s $350M funding round
According to Apr. 6 announcement, Near Protocol raised $350 million in a funding round, the second nine-figure raise in 2022. In hindsight, the previous round in mid-January raised $150 million.
Hedge fund Tiger Global led the funding round, as it aimed to “accelerate the decentralization of the NEAR ecosystem.” Other investors included Republic Capital, FTX Ventures, Hashed, and Dragonfly Capital.
Also read: NEAR's 35% rally halted despite the Protocol's achievements.
In detail, Tiger Global has been increasingly involved in blockchain funding since late 2021. At the end of last year, the company had $86 billion in assets under management and backed funding rounds for crypto exchange FTX, blockchain infrastructure platform Blockdaemon, blockchain intelligence provider TRM Labs, and payment processor Moonpay.
Additionally, NEAR’s ‘March Townhall Highlights’ reiterated “the Foundation’s commitment to raising platform awareness.”
Also read: Crypto market drops 6% after Fed announces $1.1T yearly quantitative tightening.
Through March, the NEAR community has onboarded 40,000 students and 120 NEAR-certified teachers, while grants grew to $124 million in funds spread across 509 recipients. The ecosystem also grew from 300 to 429 projects and DAOs, 110 million transactions (up from 95 million in February), and 5.2 million wallets—a growth of 1 million wallets in a single month.
said NEAR CEO Marieke Flament.
