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Near Protocol token doubled in price in a month

The native first-level blockchain token Near Protocol (NEAR) continues its monthly rally: since October 20, the asset price has doubled to $2.1.

The growth was accompanied by a surge in trading volumes. On the daily chart, the RSI index entered the overbought zone.

At the beginning of 2023, the coin rose sharply to $2.7, but began a long decline in March. NEAR reached its local minimum on October 18 at $0.98. Now the altcoin has broken through the resistance level and moved sharply upward.

At the time of writing, NEAR has a market capitalization of $2.11 billion, with trading volume reaching $400 million in the last 24 hours, according to CoinGecko.

According to NearBlocksthe number of unique addresses in the blockchain increased by 5 million over the month. At the same time, the number of daily transactions on the network has remained at approximately 1.4 million in recent months.

“We have volume levels near ATH while the price is still in the accumulation range,” the Investmox analyst noted.

He added that the asset’s rally is facilitated by the development of the project and recent announcements.

Near Updates

A conference was held in November NEARCON 23, during which the project announced a partnership with Eigen Labs to create a “first layer of finalization” for Ethereum rollups. The initiative aims to provide fast and cheap transactions.

In addition, the LayerZero project announced integration with blockchain to implement cross-chain messaging between more than 40 EVM-networks.

Near also announced an upcoming collaboration with Polygon to develop a zero-knowledge proof-based solution for WASM networks.

Later, the project announced the winners of the hackathon held during the conference:

  • Quex, an AI-powered repository for the Near Grant grant program;
  • Click is a programming tool based on the Blockchain Operating System;
  • B4B – social graph on the Near blockchain;
  • Proof of Reputation is a mechanism that allows you to issue loans to users based on the history of activity on the network;
  • DeFi Builder – AI assistant for writing code for DeFi projects;
  • Web3 Plugin – a set of plugins for the ecosystem;
  • Magic Build is a tool for creating smart contract interfaces;
  • Obrigado is a computation-heavy utility that distributes tasks across multiple resource providers.

In parallel, Near Protocol introduced NEAR Tasks, a blockchain-based AI marketplace.

“It is a self-service platform where anyone can easily view and complete AI training tasks, setting a new standard for quality data labeling,” the press release states.

According to the statement, the initiative aims to combine AI and Web3 to streamline verification and data management processes. For performing actions on the platform, users will receive rewards in NEAR tokens.

In the future, NEAR Tasks is envisioned as an extensive platform for the AI ​​community, where companies will look for outsourced performers, and specialists will be able to select suitable projects.

In June, the Near Foundation announced a partnership with Chinese tech giant Alibaba Cloud’s cloud computing division. The collaboration is designed to accelerate the growth of Web3 initiatives in Asia and the Middle East.

Previously, blockchain developers presented the Blockchain Operation System solution, which was positioned as an “operating system for blockchains.”

Source: Cryptocurrency

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