The price of the Near Protocol token has doubled in a month

20.11.2023 17:48

The native blockchain token of the first level Near Protocol (NEAR) continues its monthly rally: since October 20, the asset rate has doubled to $2.1.

The 15—minute NEAR/USDT chart of the Binance exchange. Data: TradingView.

The growth was accompanied by a surge in trading volumes. On the daily chart, the RSI index entered the overbought zone. 

At the beginning of 2023, the coin rose sharply to $2.7, but in March it began a long decline. The local minimum NEAR reached on October 18 at $0.98. Now the altcoin has broken through the resistance level and moved up sharply. 

At the time of writing, the market capitalization of NEAR is $2.11 billion, the trading volume in the last 24 hours has reached $400 million, according to CoinGecko.

According to NearBlocks, the number of unique addresses in the blockchain has increased by 5 million in a month. At the same time, the number of daily transactions on the network in recent months has remained approximately at the level of 1.4 million

I said before $NEAR is going for a massive run
The development and announcements last weeks are fueling the rally most aren't expecting

Volume is a sign something will pop soon ????

We've got volume levels near ATH while price is still in accumulation range

Don't sleep on #NEAR

— INVESTMOX (@investmox) November 19, 2023

"We have volume levels near ATH, while the price is still in the accumulation range," the Investmox analyst noted.

He added that the development of the project and recent announcements contribute to the asset rally.

Updates Near

In November, the NEARCON 23 conference was held, during which the project announced a partnership with Eigen Labs to create the "first level of finalisation" for Ethereum rollups. The initiative is aimed at providing fast and cheap transactions. 

In addition, the LayerZero project announced integration with blockchain to implement inter-network messaging between more than 40 EVM networks. 

Representatives of Near also announced an upcoming collaboration with Polygon, in which they will develop a zero-disclosure proof-based solution for networks on WASM.

Later, the project named the winners of the hackathon held during the conference:

Quex is a repository of the Near Grant program based on AI;
Click is a programming tool based on the Blockchain Operating System;
B4B is a social graph based on the Near blockchain;
Proof of Reputation is a mechanism that allows you to issue loans to users based on the history of activity on the web;
DeFi Builder — AI assistant for writing code for DeFi projects;
Web3 Plugin - a set of plugins for the ecosystem;
Magic Build - a tool for creating smart contract interfaces;
Obrigado — a utility for performing heavy calculations, distributing tasks between several vendors resources. 

In parallel, Near Protocol introduced NEAR Tasks, an AI marketplace based on blockchain. 

Reimagining AI training with #NEARTasks ????

Experience AI development empowered by human-centric innovation

AI and Web3 ????

Read more:

— NEAR Protocol (@NEARProtocol) November 16, 2023

"This is a self—service platform where anyone can easily view and complete tasks in the direction of artificial intelligence training, setting a new standard for high-quality data labeling," the press release says. 

According to the statement, the initiative is designed to combine AI and Web3 to optimize the verification and data management processes. For performing actions on the platform, users will receive rewards in NEAR tokens.

In the future, NEAR Tasks is presented as an extensive platform for the AI community, where companies will look for outsourced performers, and specialists will be able to select suitable projects. 

Recall that in June, the Near Foundation announced a partnership with the cloud computing division of the Chinese technology giant Alibaba Cloud. The collaboration is designed to accelerate the growth of Web3 initiatives in Asia and the Middle East.

Earlier, blockchain developers presented the Blockchain Operation System solution, which was positioned as an "operating system for blockchains".

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