NEAR Protocol Price SURGE On AI Hype, Is 10$ NEXT?
NEAR Protocol (NEAR) rides the AI hype, showing significant price increases. What factors are driving this trend and what could the future price targets be?
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Prices of AI-themed tokens, including NEAR Protocol (NEAR), are experiencing significant relief, moving contrary to the broader market trend. with all eyes on this token's green signs amid the dominating reds, everyone is wondering about the reasons driving this surge, so here are the answers.
Nvidia and Panthera Boost NEAR Protocol Surge
Recently, NEAR Protocol has followed trends from previous instances. On June 19, crypto hedge fund Pantera Capital announced its goal of raising $1 billion. The firm plans to invest 15% to 20% of this fresh capital in AI-related blockchains. NEAR Protocol, which leverages AI and blockchain technology to scale decentralized applications, reacted positively to this development.
Trading at $5.40, NEAR’s price increase can also be attributed to a recent milestone by Nvidia. On June 18, Nvidia, a leading AI computing company, surpassed Microsoft to become the world’s most valuable company, reaching a market capitalization of $3.33 trillion.
NEAR's Positive Signs
On-chain data from Santiment shows that development activity on the NEAR Protocol is improving. Development activity provides insights into the work done to keep the blockchain optimized. An increase in this metric indicates that public contributions to NEAR’s GitHub repositories are rising, a positive sign for the token's price.
Another supportive metric is NEAR’s trading volume, which has increased to $444.357 million. Volume measures interest in a cryptocurrency, and a rise in volume signals increased buying and selling activity, which can strengthen the price trend.
NEAR Price Prediction: Is $5.70 the Start of a Rally?
Observations show a notable rise in the Money Flow Index (MFI) and On Balance Volume (OBV). The MFI measures the flow of money in and out of a cryptocurrency, identifying overbought and oversold signals. Currently, the MFI is close to surpassing the 50.00 midpoint level, indicating increased buying pressure.
The OBV, which measures positive and negative volume flow, also indicates that buying pressure is dominant. This suggests that NEAR’s price may continue to rise. By analyzing the Fibonacci Retracement levels, specific price targets can be identified.
The daily chart shows that NEAR can move to $5.70 if buying pressure increases, corresponding to the 61.8 Fibonacci level. In a highly bullish scenario, NEAR could reach $6.15 at the 78.6% level. However, if NEAR holders begin to sell off, or if development activity declines, the bullish trend may be invalidated, potentially dropping the price to $5.06.
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