- NEAR gained 42% in a week on volume of $1.67 billion, indicating strong bullish momentum
- Deutsche Telekom now supports NEAR as a validator, improving blockchain infrastructure and user data sovereignty
NEAR Protocol (NEAR) had a value of $5.10 at the time of writing, after a decline of -3.92% in the last 24 hours. However, this price action was somewhat unusual, especially since NEAR increased in value by more than 42% in just seven days on the weekly charts.
NEAR’s 24-hour trading volume also rose to $1.67 billion, indicating robust market activity. With a circulating supply of N1.2 billion, the protocol’s market capitalization was also valued at $6.42 billion.
NEAR’s trading chart revealed some critical levels for traders. At the time of writing, support was set at $2.74 – a historically strong buy zone. On the upside, resistance was noted at $6.20 – a key level to break for continued upside momentum.
Analysts to believe that breaking this resistance could pave the way for a rally towards $15 to $20 in the coming months.
Source: TradingView
Technical indicators indicate bullish momentum
On the technical front, NEAR’s daily chart highlighted the widening of the Bollinger Bands – a sign of increasing market volatility. At the time of writing, the price appeared to be hovering near the middle band. This hinted at a coming period of consolidation with potential for targeted movement.
The Relative Strength Index (RSI) was at 57.46, reflecting neutral to slightly bullish momentum. This level indicated that NEAR was not overbought, leaving room for further price appreciation if market conditions remain favorable.
Meanwhile, the MACD indicator also showed bullish momentum. The MACD line was above the signal line, with the growing green histogram bars suggesting a strengthening of upside.
Deutsche Telekom joins NEAR as validator
That’s not all, because Deutsche Telekom has announced its involvement in the NEAR Protocol as a validator. According to one press release on November 11, the telecommunications giant will play a crucial role in supporting the blockchain infrastructure.
This move is in line with the company’s focus on decentralized technologies and user data sovereignty.
Oliver Nyderle, Head of Digital Trust and Web3 Infrastructure at Deutsche Telekom, said the partnership is “promising and innovative.” He added that NEAR’s mission aligns with the company’s values of improving control over user data. The partnership is expected to further strengthen NEAR’s institutional adoption.
Statistics on the chain reflect growing ecosystem activity
According to DeFiLlamaNEAR’s Total Value Locked (TVL) had a value of $257.2 million at the time of writing. This appreciation came on the back of a 5.13% increase in the past 24 hours. The market cap of the protocol’s stablecoin was also valued at $677.78 million, while daily fees and revenue totaled $19,300.
Additionally, NEAR recorded a 24-hour transaction volume of $7 million.
Finally, the Protocol’s financing initiatives have raised $33.7 million, highlighting sustainable development and ecosystem growth.
Credit : ambcrypto.com
