- Near Coin price has made strong gains in the past few days.
- The rally happened after the developers made key announcements at the NEARCON event.
Near Protocol price soared on Monday as the NEARCON conference got underway. The token’s price jumped to a high of $5.235, which was the highest level since August 17 of this year. It has jumped by more than 40% from the lowest level in August, giving it a market cap of over $4 billion.
NEARCON conference
Near Protocol is a leading blockchain project that aims to become the best platform for developers to build quality decentralized applications (dApps). It has been used widely by some of the best-known and fast-growing applications in the DeFi industry like Aurigami, Decentral Bank, WannaSwap, and Ref Finance among others.
The Near Protocol price is rising since this is a big week of the ecosystem. As we wrote last week, the network is hosting the NEARCON Conference in Lisbon. It is its most important events of the year and is featuring some of the best-known people in the industry. Participants include Illia Polosukhin of the Near Protocol, Jeremy Allaire of Circle, Mark Sugden of Decentral Bank, and Joon Kim of Mina Foundation.
Near price is rising as investors reflect on the latest announcement from the event. In a statement, the developers said that they were starting the first phase of its sharding upgrade that aims to make it significantly faster and more secure. Sharding works by dividing blocks into small parts known as shards.
As part of the four-step process, Near Protocol will see the introduction of specialist chunk-only validators that will feed into the sharding mechanism. It will also lower barriers to entry for NEAR validators and boost decentralization. In a note, Near’s founder said:
“The more users the network gets, the more decentralized the network gets as well. This enables the ability to kind of continue adding more validators as there’s more demand for the network.”
Near Protocol price is also rising ahead of the upcoming launch of the SWEAT coin. This will be the cryptocurrency for Sweatcoin, the leading fitness app that has over 110 million users.
Near Protocol price forecast
The four-hour chart shows that the NEAR price has been in a strong recovery recently. During this rebound, the coin managed to move above the important resistance level at $4.56, which was the neckline of the inverted head and shoulders pattern.
The coin moved above the 25-day and 50-day moving averages while the Awesome Oscillator remained above the neutral level. Therefore, the pair will likely continue rising as bulls target the next key resistance being at $6.
