Why NEAR Protocol (NEAR) is Growing and What is The Price Prediction For 2024
NEAR Protocol (NEAR) jumped 80% over the week, hitting $4,277. Let's take a look at the reasons for this growth.
NEAR Protocol (NEAR) crisis
Overall, NEAR Protocol has seen significant growth this year. However, in June 2023, the protocol came under scrutiny from the U.S. Securities and Exchange Commission, as the regulator deemed NEAR an unregistered security. This caused the price to drop by more than 11%. NEAR investors feared the same fate as XRP and treated the protocol with caution. However, the team quickly managed to win back the confidence of market participants.
Why NEAR Protocol (NEAR) is growing?
NEAR's growth started back in mid-December, despite the overall bearish momentum. Current price performance is supported by strong technical indicators. Last week, the asset managed to break through an important resistance level at $4. This opened space for growth. The support level at $3.7 acts as a base that warns NEAR against a downside move.
The growth of the coin is also due to the increased activity of the community. In the first days of December, the number of daily active wallets increased by 975% to 1 million. And the number of transactions jumped by 170%. The trading volume for the last 7 days jumped up and reached the mark of 410 million dollars. More than 48,000 new members joined the network during the same period, which also indicates the price growth.
NEAR also announced a collaboration with Arbitrum to improve Ethereum's performance. Overall, frequent updates and collaborations have made NEAR profitable since the beginning of December.
In total, NEAR has grown 175% year-over-year and its market capitalization has surpassed the $3.3 billion mark.
NEAR Protocol (NEAR) forecast for 2024
Over the past seven days, the asset has jumped 80%. At the time of writing, NEAR's price was $4.277, up 5% in 24 hours.
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Experts say about further growth of NEAR price in 2024. At the beginning of the year, they predict reaching the $5 dollar mark, if NEAR can overcome the next serious level of resistance. The growth may be due to the team's plans to develop the entire ecosystem. Developers are working on improving the scalability of the network as well as increasing transaction speeds. The introduction of dApps and attracting more participants could also potentially contribute to the price of NEAR.
