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Information about NEAR Protocol (NEAR)
NEAR Protocol is a decentralized blockchain network launched in April 2020 and developed by Alex Skidanov, Illia Polosukhin and the Near Foundation. Near Protocol was created to help developers easily create decentralized applications (DApps) and maintain scalability. NEAR Protocol works on a Proof-of-Stake (PoS) consensus mechanism and uses a scaling solution called Nightshade, which aims to create a highly scalable and cost-effective platform.
The NEAR Protocol network uses a Sharding structure, designed to solve problems related to system design. This structure allows users to create scalable decentralized applications (Dapps) and operational governance structures, evolving the protocol continuously so that it does not become obsolete.
NEAR Protocol (NEAR) is a utility token of the NEAR Protocol ecosystem and is used for the following purposes:
News
NEAR Protocol is currently testing a bullish inverse head-and-shoulders pattern with pivotal resistance at 2.14 USD. A confirmed breakout could target 2.43 USD, significantly increasing overall market momentum.
The market capitalization has climbed by 4.47% to reach 2.55 billion USD, indicating cautious investor sentiment. This is accompanied by rising social engagement among retail traders.
Short liquidations amounting to 31.42 thousand USD reflect a shift in market dynamics, indicating trader misjudgment. This presents a hidden opportunity for upward price movement as bear positions are squeezed.
Nubank has recently expanded its cryptocurrency services by adding four altcoins: Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO). This decision is part of its strategy to cater to the growing demand for digital assets.
The bank’s revenue growth has been extraordinary, climbing to nearly 3 billion USD in 2024, reflecting an increase of 1,124% compared to previous years. This rapid expansion aligns with the overall growth of the Brazilian economy and interest in cryptocurrency.
NEAR is attempting to reclaim a critical support level after trading within a consolidation channel. Currently priced at 3.38 USD, NEAR’s recent 3.80% decline continues its overall downward trend.
Mixed market indicators reveal a negative funding rate of -0.0170, suggesting confidence in a price decline. Moreover, a significant disparity in liquidation values indicates bearish control, despite some bullish signs in the Taker Buy-Sell Ratio.
A notable decline in Daily Active Addresses from 4.2 million to 3.0 million adds downward pressure on NEAR, suggesting reduced network engagement and potential for further selling.
On the eve of Valentine’s Day, Andrew Krynin unintentionally revealed nude images on a livestream, which coincided with a rise in the NEAR token’s price. The Near Protocol team humorously noted the need for better personal device separation.
The Near Protocol team issued a formal apology for the incident and Krynin later expressed his regret publicly, especially towards his girlfriend, while reassuring women that such a situation doesn’t indicate disrespect.
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