A sharded proof-of-stake blockchain NEAR protocol, experienced a 20% price increase today. According to data from CoinGecko, NEAR Protocol’s NEAR token is trading at $2.88 at press time.
NEAR is up almost 30% last week. Currently, NEAR Protocol has a market cap of approximately $2.89 billion and a circulating supply of 1 billion NEAR tokens.
NEAR Sees Increase in Investor Interest
The token has shown various performances over different time periods. NEAR has been silent in the past hours. NEAR nearly doubled in value during the year. However, NEAR Protocol hit an all-time high of $20.44 nearly two years ago in January 2022 and is still 86% below its record high.
This significant increase in NEAR’s price reflects increased investor interest and active participation in the market.
NEAR Protocol’s derivatives on Coinglass show that the long/short ratio over the last 24 hours is above 1, with a slightly stronger bias towards long positions.
Moreover, NEAR’s volume increased by over 300%, reaching $1.27 billion in the derivatives market. At the same time, the open interest ratio, which indicates the total number of derivative contracts outstanding, increased by 40% to $144.70 million. These data reflect the general positive atmosphere in the market.
However, the Relative Strength Index (RSI) also reveals an overbought momentum near 72. This means NEAR may be overvalued and could be poised for a trend reversal or corrective pullback in price.
Last week, NEAR Protocol was acquired by US-based IDS Inc. entered into a strategic partnership with. ANI reported that the partnership is expected to boost the development of the Bharat Blockchain Network.
Previously, in November, NEAR Foundation announced a partnership with Polygon Labs to focus on developing zkWASM, a zero-knowledge (ZK) prover for WASM blockchains. This collaboration reportedly combines Polygon Labs’ expertise in zero-knowledge research with the NEAR Foundation’s knowledge of WASM WebAssembly technology for the zkWASM prover.