NEAR Protocol stands as a layer-one blockchain meticulously crafted to function as a community-operated cloud computing platform, effectively addressing key limitations that have hindered rival blockchains.
These limitations encompass issues like sluggish transaction speeds, limited throughput, and inadequate interoperability. NEAR Protocol’s design paves the way for an optimal environment for Decentralized Applications (DApps), fostering a developer and user-friendly ecosystem.
Notably, NEAR differentiates itself by employing human-readable account names in contrast to Ethereum’s conventional cryptographic wallet addresses. Furthermore, NEAR tackles scalability hurdles through innovative solutions and boasts its unique consensus mechanism, aptly named “Doomslug.”
NEAR Protocol is a collaborative endeavor driven by the NEAR Collective, a dynamic community that diligently refines the original code and continually releases updates to fortify the ecosystem. Their overarching mission is to create a platform that offers both robust security, capable of handling high-value assets like currency or identity, and impressive performance, rendering these assets accessible to everyday individuals.
Notable projects, such as Flux, a protocol enabling the creation of markets based on assets, commodities, and real-world events, as well as Mintbase, an NFT minting platform, are actively under development within the NEAR Protocol ecosystem.
NEAR embraces a variant of the proof-of-stake consensus mechanism known as Doomslug. This innovative approach to consensus is grounded in a two-round process, where a block is deemed finalized once it has undergone the first communication round.
This unique structure enables nearly instantaneous finality by permitting validators to take turns producing blocks instead of engaging in direct competition based on their stake.
The NEAR Foundation, a Swiss-based non-profit entity, is dedicated to protocol maintenance, ecosystem financing, and providing guidance on protocol governance. In a bid to foster cross-blockchain compatibility, the protocol has engineered a bridge to Ethereum, allowing users to seamlessly transfer ERC-20 tokens from the Ethereum blockchain to NEAR.
NEAR Protocol Price Today
The current price of NEAR Protocol stands at $1.55 USD, and there has been a trading volume of $248,757,600 USD over the past 24 hours. In the last 24 hours, NEAR Protocol has seen a remarkable 17.05% increase.
As of now, it holds the #36 position in the CoinMarketCap ranking, with a live market capitalization of $1,530,109,947 USD. The circulating supply comprises 990,207,384 NEAR coins, while the maximum supply remains undisclosed.
NEAR Protocol 4H and 1D Price analysis
On the 4-hour NEAR/USD chart, a robust bullish trend is evident. The token has broken out of the upper band of a pennant pattern, signaling an uptick in buying activity.
Notably, despite recent bullish movements, the coin price has yet to surpass the 100 moving average. The 50 MA, positioned just below the current token price, is serving as sturdy support for the bulls.
The Relative Strength Index (RSI) for NEAR/USD, observed over a 4-hour timeframe, maintains a steady position in the middle of the neutral zone with an index reading of 57.99. This suggests the presence of buying momentum, although it is not exceptionally strong at this juncture.
Additionally, the MACD indicator reflects a growing bullish sentiment, with a short-term crossover indicating the potential for the token to reach higher levels in the near future. The widening Bollinger bands signify an increasing level of volatility in the NEAR/USD market.
Turning to the 1-day NEAR/USD chart, a positive trend is taking shape. Bulls have successfully upheld the price above the $1.21 level, which has held as reliable support.
The short-term outlook appears bullish, as NEAR has recently broken out of an ascending triangle pattern, signifying that buyers are in control and propelling the price upward.
Near Protocol Pumps 20% Alongside Solana
NEAR and SOL are experiencing significant surges, as Near Protocol’s price has surged by 20% in the past 24 hours, accompanied by a substantial 170% increase in trading volume during the same period.
Simultaneously, Solana’s price has risen by 15%, with a 150% surge in trading volume over the past 24 hours. Much of this boost can be attributed to the Solana Breakpoint meetup held in Amsterdam, Netherlands.
This remarkable performance has positioned Near Protocol at the forefront of Layer 1 (L1) blockchains, alongside Solana, and suggests the potential for further gains as momentum continues to build. Notable L1 blockchain tokens also include Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX).
What’s particularly noteworthy is that NEAR has outperformed the most popular L1 tokens, including but not limited to Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), AVAX, and Algorand (ALGO).
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