- Near Protocol price is eying its all-time high.
- Investors are cheering the $350 million capital raise.
- Near could keep rising as its ecosystem growth continues.
The Near Protocol price went parabolic as investors cheered the latest capital raising by the developers. The token rose to a high of $18.75, which was the highest level since January 17th this year. It has shot up by 150% from its lowest level this year.
Why is Near rising?
Near Protocol is a fast-growing blockchain project that has embraced sharding technology as part of its growth strategy. The developers are now implementing the nightshade sharding technology that will make it substantially faster than other platforms. Ethereum is also implementing this technology as part of its transition to a proof-of-stake platform.
The Near Protocol price is rising as investors cheer the giant $350 million fundraising for the company. The new funding round was driven by Tiger Global, the large venture capital company. The new funding comes less than three months after the developers raised another $150 million from a group of crypto-native investors. The price is rising as investors expect that the new investment will lead to more development.
The NEAR price is also rising as investors cheer the launch of the Wallet Selector feature. This is a new tool that allows users to select their preferred wallet to integrate with the NEAR Protocol.
Meanwhile, the developers held a townhall in which they discussed its ecosystem growth. They noted that the number of decentralized autonomous organizations (DAO) grew from 300 to 429 this year. At the same time, the number of transactions also continued rising and reached about 110 million. The number of Near wallets has risen to 5.2 million.
Other key thing discussed in the townhall was the growing partnerships. It recently announced new partnerships with SailGP and Unchain Fund.
Still, like other platforms, the biggest challenge for NEAR Protocol is competition. In the past few months, we have seen the launch of multiple platforms like Cardano and Avalanche that are gaining market share.
NEAR Protocol price prediction
In my report on the Near Protocol this week, I noted that the coin was ripe for a bullish breakout to its all-time high. This view was accurate as the coin is now approaching its highest level on record. It has formed what looks like a cup and handle pattern and moved above the 25-day and 50-day moving averages.
Oscillators like the Relative Strength Index (RSI) have also risen. Therefore, the NEAR price will likely keep rising in the coming days. You can read our complete guide about how to buy cryptocurrencies here.
