- Near Protocol is taking part in the ongoing altcoin rebound.
- The TVL in both Near and Aurora has jumped sharply recently.
- Upcoming Sweatcoin launch will be a catalyst.
Near Protocol price continued rallying as altcoins and decentralized finance (DeFi) volume surged. The NEAR token rose to a high of $4.51, which was the highest level since July 11th of this year. It has surged by about 55% from the lowest level this year.
Sweatcoin is a catalyst
Near Protocol is one of the biggest layer 1 blockchain networks in the world. Its token has a market cap of more than $3.7 billion, making it the 24th biggest coin in the world.
The Near Foundation hopes that the platform will become a better alternative to Ethereum. It uses a proof-of-stake technology that makes it relatively faster than Ethereum.
The developers are also incorporating the sharding technique that is meant to increase its throughput. It does this by breaking blocks into smaller pieces known as shards. As a result, these shards can be processed at significantly faster speeds.
Near Protocol’s ecosystem has been growing in the past few months. Its growth has been helped by the millions of dollars that the developers raised in January and March of this year. They raised about $500 million from investors.
According to DeFi Llama, Near Protocol has a total value locked (TVL) of more than $343 million, which is higher than last month’s low of less than $300 million. Some of the top apps on Near are Ref Finance, Burrow, and Meta Pool among others.
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At the same time, Aurora has a TVL of over $238 million. Aurora is an Ethereum Virtual Machine (EVM) that creates a bridge between Ethereum and Near Protocol. Aurora works on Near’s platform.
Another likely catalyst for the Near Protocol price will be Sweatcoin. Sweatcoin is a move-to-earn application that has more than 10 million users from around the world. The platform is expected to launch its cryptocurrency on Near in September. This launch will likely incentivize more people to invest in Near.
Near Protocol price prediction
The four-hour chart shows that the Near price has been in a strong bullish trend in the past few days. It has managed to move above the important resistance levels at $3.85 and $4.40, respectively. These were the highest points on July 9th and June 25th.
Near has moved above the 25-day and 50-day moving averages while the Average Directional Index (ADX) has risen to the highest point since June. The coin is also above the Ichimoku cloud. Therefore, it will likely keep rising as bulls target the key resistance level at $5.
