NEAR token grows 14% on ecosystem expansion prospects; is it a good buy?

• Near Protocol expands its ecosystem with Nairobi-based Sankore 2.0.
• NEAR token gains 14 percent in responce.

YEREVAN (CoinChapter.com) – Near decentralized application platform has expanded its ecosystem and introduced Sankore 2.0, an Africa-focused community running on the NEAR blockchain. It helps developers in Kenya to make use of the blockchain and adopt Web3 technologies.

Sankore 2.0

In hindsight, Near introduces itself as a “generation -3 blockchain”. It aims to solve the scalability issues that plague other smart-contract platforms (gen-2).

Instead of relying on layer-2 tech, NEAR breaks free from the idea that every single node which participates in the network has to run all of the code because that essentially creates one big wasteful bottleneck and slows down all of the other approaches.

advertises the blockchain

Near Network proposes to solve the issue using a layer -1 scalability technique called sharding.

Sankore 2.0 is a project that concentrated on promoting regional communities in Nairobi, Kenya. It also provides technical expertise to enterprises, enables startups, and makes recommendations on policy and regulations to the local government.

Sankore 2.0 sees its mission in introducing various technological solutions to the African Continent and “bank the unbanked.” NEAR protocol tweeted about the new project on September 2, offering details on how to participate.

Also read: Cardano chief Hoskinson predicts a larger role for cryptocurrencies in Afghanistan.

Daily chart technicals

The NEAR token has gained 14 percent in the past 24 hours and reached $6.50 in Friday’s European session. The digital asset had a fruitful month. It put on 280 percent since the recovery wave started on July 21. After a ten-day consolidation, NEAR took off in a new uptrend.

Livercoin, a crypto analyst and investor with an extensive following, saw a pennant formation on the chart above. In detail, it is a formation that consists of two converging trendlines with a similar slope. As opposed to the ‘symmetrical triangle’ pattern, the pennant entails a preceding ‘flagpole.

The pennant predicts substantial gains once the formation exhausts itself. In the tweet below, the analyst did not assume a target price but hinted at the upcoming uptrend.

If the pennant prediction plays out, NEAR could exceed its previous all-time high of $7.81. However, should the uptrend continue, the digital asset would have a significant resistance bar to conquer at $6.8 – 7.5? The upcoming sessions will show if the coin continues the bullish bias or corrects downward.

Considering the platform’s growing ecosystem and technical indicators, NEAR is primed for further gains, which indicate a good investment, at least in the short term.

Also read: MicroStrategy stock MSTR primed to rally, says a top executive.