As the crypto industry navigates the waves of this bull run, projects like NEAR Protocol (NEAR) are edging forward with new partnerships and developments. NEAR’s remarkable performance has crypto analysts considering that the toke is getting underway for a massive surge.
Is NEAR Protocol A “Market Leader”?
At the beginning of the week, crypto analyst World of Charts recognized a bullish flag pattern formed on NEAR’s monthly chart. According to the analyst, a successful breakout could be followed by a 60-65% bullish wave in the coming days.
On Thursday, NEAR tested the $7.00 resistance level, reaching above the $7.50 mark before retracing as the day ended.
NEAR breaking out of the bullish flag pattern on Thursday. Source: World of Charts
Affirming his previous forecast, the analyst stated that if the token successfully holds above the breakout level, investors could expect the price to move towards $14-$15. Since then, the token has remained above the $7.00 mark, hovering between $7.3-$7.1.
Another crypto analyst has been following NEAR’s performance this week similarly. According to Bluntz, the token “has been one of the strongest movers from the lows and will probably be one of the first to make fresh highs.”
Moreover, he considers NEAR “one of the better performers” in the top 20 cryptocurrencies. Previously, the trader displayed a chart identifying an ABC zigzag pattern followed by a still-forming impulse wave pattern.
NEAR's forming a impulse wave pattern according to the analyst. Source: Bluntz
As NEAR broke out of the $7,00 resistance, the analyst reaffirmed his prediction for the token’s movements, considering it “a market leader right now.”
Bluntz added that the token kept “plodding along making fresh highs while everything else has stalled out and continued accumulating.”
Network Expansion And Price Surge
The NEAR Protocol is a Layer-1 “user-friendly and carbon-neutral” blockchain focused on performance, security, and scalability. According to its team, the “blockchain for everyone” was built with “usability in mind.”
NEAR’s total value locked (TVL) of $309 million makes it the 16th largest blockchain by this metric. Notably, the network has doubled its TVL since Q4 2023, when it sat in the 25th spot with $128 million.
The protocol collaborates with other projects constantly to continue “expanding financial horizons.” Projects like NodeKit and TrueZK have recently…
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