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NEAR Protocol Rallies Over 150% in 2023 With More Room to Run; Sponge V2 Launch Presents New Meme Coin Opportunity

Press Releases Crypto News BeInCrypto NEAR Protocol Rallies Over 150% in 2023 With More Room to Run; Sponge V2 Launch Presents New Meme Coin Opportunity

NEAR, the native token of the NEAR blockchain protocol, has seen impressive gains so far in 2023. As of today, the coin price is up over 150% on the year and recently surged 15% in a single day to around $3.30. This rally brings NEAR’s market capitalization to $3.3 billion, still a long way from its all-time high valuation of $19.56 per coin back in January 2022.

Multiple technical indicators suggest NEAR’s latest uptick may have more momentum ahead. The MACD line crossing above its signal line indicates bullish momentum, while the RSI oscillator hitting 78 shows NEAR is quite overbought after the latest spike and due for a cooldown. But pullbacks would provide buying opportunities given the positive long-term outlook.

On-chain activity also points to growing network adoption that could fuel further upside. The number of daily active NEAR Protocol wallets skyrocketed 975% from 93,000 to over 1 million between December 1st and December 19th. Meanwhile, total daily transactions on NEAR increased 170% since December 3rd.

The Crypto Dog analyst who has over 700k followers on Twitter, tweeted today:

“$NEAR just getting started. Expecting the feed to be full of NEAR narrative in the next few weeks. Already started. First meme I’m seeing – NEAR does everything TIA does but better and much more. TIA 12.6b FDV NEAR 3.5b FDV.”

He is saying that chatter and discussion around the NEAR Protocol is likely to increase substantially in the coming weeks as more people take notice of it. NEAR has significant room for growth compared to competitors like TIA based on its much lower fully diluted valuation, while offering similar or better technology.

Astekz analyst who has over 70k followers, tweeted this:

“$NEAR – Every VC capitulated and probably went back to working day jobs after last cycle, hated coin so people will be late. Not us, buying spot since 1.8. We sell back to them in 2024.”

He is suggesting that venture capitalists abandoned NEAR after the crypto winte

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Author: BeInCrypto Team

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