- NEAR has recovered from the recent pullback that saw it drop to $3.409.
- The altcoin recovered by surging 65% in the past three weeks.
- Sharding implementation triggered increased NEAR adoption, leading to surging prices.
NEAR, the native token of the Near Protocol, rebounded from a recent pullback that sent it to $3.409 on September 6. NEAR recovered in about three weeks, shifting the cryptocurrency’s price trend into a classic bullish mode due to increased adoption.
TradingView data shows that NEAR jumped nearly 65% in the past three weeks, breaking above key resistance levels. The blockchain token has recovered from the losses it experienced between August 24 and September 6, when the price faced strong bearish pressure.
Technical analysis of the NEARUSD daily chart shows a bullish breakout from a W-Pattern, signaling the start of another phase in the bullish trend. NEAR climbed above the August 24 $5.26 top, which aligns with 0.618 Fibonacci resistance. The altcoin retraced to retest the resistance-turned-support before bouncing upward.
NEAR’s new path could lead to further upward movement, with analysts expecting the Layer-1 crypto to target the next resistance level around $6.5. The rallying crypto traded for $5.415 at the time of writing, according to TradingView data.
Sharding Implementation Drives Near Protocol Adoption
Altcoin Buzz YouTube channel presenter highlighted ongoing developments that may be behind NEAR’s recent surge. He said the community-run cloud computing platform has implemented sharding on its network. He explained that sharding will address the blockchain trilemma by offering scalability and security without sacrificing decentralization.
On-chain data shows a growing adoption rate for Near Protocol by new projects. Data from Near Blocks shows that the platform’s daily transaction volume grew by 42% between August 25 and September 24. The number of new addresses on Near Protocol also increased by 30.8% during that period.
Near Protocol’s TVL jumped 34% from $183.7 million on September 7 to $246.5 million on September 24, according to DefiLlama data. The rise in TVL reflects growth in network activity that led to increased user engagement on the platform, suggesting organic growth that could lead to sustained growth for the platform.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
