- Near Protocol price has staged a strong comeback in the past few days.
- This rally continued after the SEC approved a Bitcoin ETF.
- It also happened as the Aurora crypto token continued rising.
Near Protocol price continued its recovery on Thursday as the mood in the crypto industry improved and as Aurora surged. The token soared to a high of $3.65, which was over 24% above the lowest point this year. Aurora, on the other hand, soared to $0.32, its highest point since December 28th.
Aurora is gaining traction
Near Protocol price has bounced back as investors embraced a risk-on sentiment in the crypto market following the decision by the SEC to approve a spot Bitcoin ETF. Most coins like Ethereum, Solana, and Avalanche jumped as traders position for the next ETF applications.
Aurora is one of the most important players in the Near Protocol ecosystem. It is an Ethereum Virtual Machine (EVM) developed by Near’s team to let creators build scalable apps powered by Near Protocol. As a result, Aurora is significantly faster than other blockchains while its transaction costs are negligible.
Aurora token jumped as some of its top dApps saw robust growth. The total value locked (TVL) of Aurora Plus jumped by over 26% in the past 24 hours to over $17.64 million. This is a major comeback since it has lost 27% of its assets in the past 30 days.
Aurigomi’s TVL jumped by over 10% in the past 24 hours while the others like Trisolaris, Bastion, and Polaris Finance also jumped. In all, Aurora’s TVL has jumped to over $26 million. This growth will likely continue as Aurora’s developers continue building. Their priorities in 2024 are building Aurora shield, VE token economy governance, NEAR RPC speedup, and NEAR web3 wallet support.
Near Protocol’s TVL has also jumped sharply in the past few months. It has risen to over $93 million, helped by key networks like LINEAR Protocol, Meta Pool, Burrow, and Ref Finance.
NEAR price forecast
The daily chart shows that the Near Protocol price has bounced back in the past few days. Even in its recent retreat, NEAR remained above the 50-day Exponential Moving Average (EMA). It also remained slightly above the key support level at $2.83, the highest point on February 8th. The Relative Strength Index (RSI) and other oscillators have also pointed upwards.
Therefore, the outlook for the Near price is bullish, with the next level to watch being at the psychological point at $4. A break above $4 will see it continue rising as buyers target last December high’s of $4.61.
