The NEAR Protocol (NEAR) is a Layer 1 blockchain that was established as a community-driven cloud computing platform, according to its white paper.
A Layer 1 blockchain is a series of solutions that enhance the core protocol to transform the network into a more scalable system. The advantage of a layer 1 blockchain is that there is no need to add anything on top of the current blockchain infrastructure.
It offers an environment suitable for decentralized applications (dApps).
NEAR comes with its own consensus mechanism called “Doomslug”. A consensus mechanism is the core technology that powers the main features of all blockchain technologies.
The launch of the NEAR coin
Erik Trautman, founder of Viking Education, created NEAR in August 2018. The project has a strong team of developers. Among its co-founders are artificial intelligence researcher Illia Polosukhin and Alexander Skidanov, a former Microsoft computer scientist and former director of engineering at memSQL.
NEAR Coin Price Analysis: Will It Test New Highs?
The price of the NEAR coin has increased by 53.81% from March 2022. According to the price chart of the coin, it is testing new highs since July 2021. Peaking at $7.41 on March 13, it reached a new all-time high of $20.20 on January 14, before settling at the $17.03 level (April 20).
At the time of writing (April 20), NEAR’s market capitalization was $11.6 billion, according to data from CoinMarketCap, which ranked it the 16th most popular cryptocurrency. NEAR has a maximum supply of 1 billion NEAR tokens.
The rise of NEAR has been supported by several agreements and collaborations, the launch of the Ethereum Virtual Machine (EVM) Aurora, and funding initiatives. Let’s take a look at some of these price-changing factors.
Latest developments and partnerships
On May 12, 2021, NEAR launched the Aurora EVM on its platform. It offers turnkey solutions for developers looking to dApps to reach additional markets.
On August 10, NEAR launched Textile, a collaborative project with Filecoin. It offers permissionless storage for smart contracts on the NEAR protocol. The Filecoin-NEAR bridge has facilitated the integration of Filecoin-based data storage for NEAR applications, smart contracts or NFT tokens.
The software has taken steps to kick off phase zero, also called Simple Nightshade, of its roadmap to a fully sharded blockchain. The launch, announced on September 23, was done to ensure that it would make NEAR super-fast, extremely secure, and capable of handling heavy user traffic.
NEAR announced $800 million in funding initiatives on October 25, which is expected to boost operations. This included $350 million in funding, announced by research and development company Proximity Labs.
The fund is intended for use by projects, organizations and individuals building decentralized finance (DeFi) applications on the NEAR blockchain. The $350 million grant plans to distribute a maximum of $40 million worth of NEAR tokens over four years.
The appointment of John Smith as NEAR’s Chief Information Security Officer was announced on October 29. Chris Ghent became Global Head of Brand Strategy and Partnerships for the NEAR Foundation on November 2.
According to NEAR, Smith leads the company’s information security strategy, working closely with key development teams, partners and the NEAR community. Ghent is working on the NEAR Foundation’s strategy of creating a scalable, easy-to-use and secure blockchain.
Global leader Marieke Flament has been named the new CEO, effective January 1, 2022. Flament has brought her international business experience, as well as in-depth knowledge of cryptocurrencies and the world of fintech.
In the latest crypto news from NEAR, the NEAR Foundation has partnered with blockchain analytics provider Elliptic to help improve on-chain security and forensics.
The protocol also launched the world’s first Web3 startup platform, Pagoda, at the ETHDenver 2022 blockchain conference and hackathon, announced on February 19.
The new platform is expected to equip developers with a set of fully native Web3 tools to build, maintain and scale blockchain-based startups.
Now let’s take a look at the technical aspects to get a better idea of what NEAR coin’s future performance could be.
Technical presentation of NEAR parts
NEAR reached an all-time high of $20.44 on January 16, 2022. The price of the coin fell to $17.16 on April 20.
According to CoinCodex, investor sentiment around the coin at the time of writing (April 20) was 92% bullish, based on 24 technical analysis price indicators. The fear and greed index, however, indicated “fear”.
CoinCodex estimated that the value of the NEAR protocol could plunge -12.52% and hit $14.66 on April 24.
Considering the coin’s key price levels based on previous data, the classic April 20 pivot point was $17.02, with support levels at $16.56, $15.74, and 15.27 $.
The resistance levels of the coin were $16.78, $17.30 and $18.31.
NEAR Crypto Price Prediction 2022-2025, 2030: Short and Long Term
In its NEAR token price prediction, the algorithm-based price prediction service Wallet Investor suggested that the token could hit $20.848 on May 3, 2022, with some slight price volatility. The site called the coin an “exceptional long-term investment (1 year)”.
DigitalCoinPrice provided a more bullish NEAR forecast to USD. According to the forecaster, the price of the coin could increase to $23.44 in 2022, $26.53 in 2023, $28.77 in 2024, $34.55 in 2025, $79.44 in 2030 and 92.68 $ in 2031.
When looking at NEAR Protocol price predictions, keep in mind that algorithm-based predictions take historical price performance into account. These predictions may be wrong and should not be used as a substitute for doing your own research. Always do your due diligence before investing in cryptocurrencies. And never invest or trade money you can’t afford to lose.
Whether or not NEAR Protocol is a good investment will depend on several factors, including company agreements and collaborations, and product launches. At the time of writing (April 20), the coin’s outlook for multiple algorithm-based platforms is bullish.
However, analysts’ predictions can be wrong and have been inaccurate in the past. Always do your own research before investing. And remember never to invest or trade more money than you can afford to lose.