When the price increased by 20%, the protocol (near) reached $3
Protocol NEAR (NEAR) prices surged 20 percent on Wednesday as TVL reached $76 million. Technical indicators suggest that bulls are dominant and may target $6.00.
Near Protocol (Near) is one of the top performing crypto assets today, alongside the top performing Solana (SOL), Stacks (STX) and Injective (INJ). With Bitcoin (BTC) breaking over $44k and Solana overtaking XRP in market cap, it's been an exciting 24 hours for the crypto market.
What's next for NAR pricing?
According to data from the NEAR block explorer, the recent increase in the value of the decentralized proof-of-stake blockchain native token came as the total count of unique addresses increased significantly.
The total value locked in the NEAR ecosystem also increased, with TVL rising from $55 million on December 17 to $76 million on December 20, according to DeFillama data.
Taking a closer look at the Proximity Protocol technical picture, the Relative Strength Index (RSI) is currently sitting at 73. While it is breaking into overbought territory, the daily RSI is still overextended. The Moving Average Divergence (MACD) indicator on the daily chart is suggesting that the uptrend may continue.
Today, the NEAR protocol price has jumped 20% to over $3.00. Meanwhile, the daily trading volume increased by more than 210 percent to more than $761 million. If bulls hold above $2.55 in the coming days, it may return to levels above $6.00 near August 2022.
On the downside, primary support is expected at $2.18.
