3 Reasons Why NEAR Price Could Hit $10 By December

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As a seasoned researcher who has been closely observing the crypto market for years, I find myself increasingly drawn to NEAR protocol. The recent developments and price action of this robust altcoin have me convinced that it is poised to reach new heights.

In simpler terms, the behavior of NEAR’s price is among the strongest performers in the current crypto market. The NEAR protocol, a key player in the blockchain sector, appears poised for success based on recent indicators from Our Network, an on-chain analytics platform. Predictions point towards NEAR potentially reaching $10 by year’s end.

Reasons Why Near Price Is About to Surge To $10

As a researcher, I am thrilled to have witnessed the successful deployment of Nightshade 2.0 by the NEAR Blockchain team on August 22. This groundbreaking update introduces sharding functionality to their network, empowering it to handle increased transaction volumes more efficiently.

Say gm to the largest technological step toward NEAR’s vision.

Say gm to stateless validation.

Say gm to Nightshade 2.0

NEAR Protocol’s novel sharding design has been successfully upgraded and is live on Mainnet.

— NEAR Protocol (@NEARProtocol) August 22, 2024

As an analyst, I’ve observed that the recent upgrade propelled NEAR Protocol to a remarkable position: it now stands as the first blockchain network capable of delivering high transaction speeds, maintaining low costs, and preserving its decentralized nature – effectively resolving the blockchain trilemma. However, this is merely the foundation for what could drive the price of NEAR significantly higher, potentially soaring to $10 and beyond. The projects being developed on this robust infrastructure are poised to revolutionize the value of NEAR.

Here are 3 important reasons why NEAR is about to skyrocket to $10 and beyond by December.

1. Booming Consumer-Focused Applications

After a successful mainnet update, there has been a surge in consumer-oriented decentralized apps (dApps) on the NEAR Blockchain, with Cosmose AI’s KAIKAI app being one of the frontrunners, boasting more than 45.7 million users.

3 Reasons Why NEAR Price Could Hit $10 By December

Building dApps on NEAR is becoming more popular, indicating the expanding usefulness of this platform. The growing number of users interacting with NEAR dApps suggests that the network has the ability to generate value and potentially boost the price of NEAR.

2. Burgeoning Meme Coin Market

The field of meme coins has significantly boosted networks such as Ethereum, Solana, and more recently, Tron. Now, it seems that the NEAR protocol could potentially enter this space, as Meme Cooking – a token launch platform on NEAR – has seen rapid growth. Within just a few hours of its launch, around 11,000 NEAR ($54,000) was locked in, although this amount has decreased since then.

Memecoin assets on the Solana network have boosted the total market value by an impressive $8 billion, while Tron’s market cap has swelled by approximately $392 million in a brief period. The “meme season” taking off on the NEAR protocol blockchain is poised to propel NEAR token prices to unprecedented heights.

3. Surge in Stablecoin Transactions

Transactions involving stablecoins on the NEAR network have experienced significant surge since January, hitting more than $2 billion in August. This represents a staggering 800% growth compared to the same period last year.

3 Reasons Why NEAR Price Could Hit $10 By December

Additionally, the combined supply of NEAR-based stablecoins (USDC and USDT) now stands at approximately $671 million, positioning it as the 10th largest blockchain in terms of this metric. Stablecoins play a crucial role in a blockchain ecosystem, as they enhance liquidity, thereby making the network more accessible and functional. An increase in a network’s stablecoin supply tends to have a direct, positive influence on its price value.

Can NEAR Price Reach $10 By December?

The graph of NEAR’s pricing pattern distinctly demonstrates a descending triangle structure, which was broken above in late September. This is considered a bullish turnaround indicator since descending triangles often lead to price increases after the breakout.

After surpassing the resistance line of the wedge, there was an upward trend that peaked at approximately $6.00, but it then temporarily retreated and is now hovering near about $4.67.

Immediate reinforcement can be found near the $4.60 mark, slightly above the 50-day exponential moving average (EMA), which typically functions as a flexible support. If the price rebounds from this support, it will signal a successful breakout, potentially pushing Near’s value up to $10.00.

As we ascend, NEAR might encounter some opposition around the $8.00 mark, which is a prospective price point derived from the wedge breakout. Yet, if the bullish momentum continues, there’s a chance that NEAR could surpass this level and potentially even reach $10 or beyond.

3 Reasons Why NEAR Price Could Hit $10 By December

As a researcher studying the NEAR market trends, I’ve noticed that the falling wedge breakout points towards a potential bullish run for the NEAR price. Following a slight dip, there’s a likelihood of the price surging back towards the $8.00 resistance level over the next few weeks. At the moment, with the 50-day Exponential Moving Average offering robust support, the current price of $4.67 appears to be an inviting entry point.

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2024-10-04 11:20