Near Protocol Records 50% Increase In A Month, This Is The Main Motivater Factor!

Near Protocol recorded a 50% increase in a month (Photo; Doc. Hybrid)

JAKARTA - In the past month, Near Protocol (NEAR) recorded an impressive 50% price increase. The blockchain project has managed to attract the attention of many investors and crypto industry observers. According to Cointelegraph information, this significant increase was triggered by several key factors that include increased network activity, increased total locked value (TVL), as well as major updates on the network that amplify the attractiveness of Near Protocol in the blockchain world.

One of the main factors supporting Near Protocol growth is the successful implementation of stunting technology on its network. Sharding is an innovation that allows blockchain to increase scalability without compromising security and decentralization. With the Near 2.0 update launched on August 12, 2024, Near Protocol became the second blockchain to implement spharding after Elrond (EGLD).

This technology makes Near faster and more efficient than Ethereum, with lower transaction costs. Demand for decentralized applications (DApps) is also increasing, so sharding plays an important role in maintaining Near's long-term stability and growth. This sharding implementation has positioned Near Protocol for stable and long-term growth as demand for decentralized applications increases.

On-chain data shows a spike in activity on the Near Protocol network. In the period between August 25 and September 24, 2024, the number of daily transactions increased by 42%, while the number of new addresses increased by 30.8%. This activity growth illustrates the increasing adoption of various Near-based projects.

The increase in activity also had a direct impact on Total Value Locked (TVL), which reflects the amount of funds deposited in the Near-based protocol. TVL Near increased 34%, from 183.7 million US Dollars (IDR 2.7 trillion) on September 7 to 246.5 million US Dollars (IDR 3.7 trillion) on September 24. This TVL growth shows greater interest from users and the increasing number of assets managed within the Near ecosystem.

In addition, interest in the derivative market for Near Protocol also showed a significant increase. Based on data from Coininglass, NEAR Open Interest (OI) jumped from 114.9 million US Dollars (Rp1.7 trillion) on September 7 to 279.2 million US Dollars (Rp4.2 trillion) on September 24 the highest level since June 2024. This increase in OI indicates that there is a new capital flow entering the market, with new purchases pushing prices up higher.

Technically, NEAR has successfully penetrated some important barriers in daily graphs, such as decreasing trend lines and a 50-day exponential movement (EMA) average at 4.40 US Dollars (Rp66,418), 100-day EMA at 4.75 (Rp71,701), and 200-day EMA at 4.87 US Dollars (Rp73,512). This position shows that the upward trend is still strong, with the next target being around 6 US Dollars (Rp90,570) to 6.45 US Dollars (Rp96,362). However, if the price closes below 50-day EMA, there is a potential drop back to 32% to test the previous lows at 3.50 US Dollars (Rp52,832).