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Near Protocol price prediction as Ref Finance TVL rises

 


The near protocol price is in an uptrend as the ecosystem growth continues. The token is trading at $17.12, which is about 130% up from its February low. Its market cap has increased to over $11.35. This makes Near Protocol the 17th largest cryptocurrency in the world.


Growth of near ecosystems

Near Protocol is one of the largest blockchains aiming to become a leading player in the industry. The network is currently in transition to a fully shared platform. Sharding is a complex process of breaking blocks into smaller pieces called shards. As a result, the method contributes to increasing the overall throughput.


April was a successful project for the Near Protocol. For one, the developers raised over $350 million from investors. These funds will be used to expand the ecosystem by providing grants to developers and hiring more developers. The new fundraiser came a few months after the developers had raised another $150 million.


The near-protocol price has also increased due to continued ecosystem growth. According to DeFi Llama, the network's Total Value Locked (TVL) has risen to over $1.4 billion. Near's TVL itself has increased to $476 million, while Aurora's has increased to over $960 million.


On Tuesday, NEAR surged after TVL rose above $200 million in Ref Finance. It's up 14% in the last 24 hours and 52% in the last seven days. This makes it the largest application created in Near Protocol. Other applications on the network have also seen a strong jump from TVL. For example, Burrow rose to over $143 million while Meta Pool rose to over $143 million.


Near Protocol Price Prediction

The daily chart shows that NEAR price has been in a strong uptrend for the past few months. Along the way, the coin has formed what looks like a cup and handle pattern . This pattern usually sends a signal that the uptrend is about to resume.


It has also moved above the 25-day and 50-day moving averages. The coin has also risen above the ascending trend line shown in brown. Therefore, the near protocol price will continue higher as the bulls target the all-time high of $20.50.


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