Gigachad (giga) 
Near Protocol Token in Bear Market
The Near Protocol token has experienced a significant decline, falling nearly 50% from its highest level this year. As of October 24, Near was trading at $4.62, amidst a broader market downturn affecting Bitcoin (BTC) and other altcoins.
However, renowned crypto analyst Michael van de Poppe, who boasts over 700,000 followers on X, forecasts a potential rebound for Near Protocol. He predicts that the token could rise to a range of $10 to $15. Achieving the upper limit of his forecast would represent a 225% increase from its current value.
The markets are gearing up for the next big leg upwards. $NEAR is a perfect example. It retested the previous consolidation area and is slowly crawling upwards. The next target in the rally is $10-15.
Near Protocol’s Struggles and Comparison
Near Protocol, a layer-1 blockchain network utilizing sharding technology for enhanced performance, has faced challenges this year. It has underperformed compared to other newer networks.
Data reveals that Near’s total value locked (TVL) in the DeFi sector stands at $231 million, down from a year-to-date high of $323 million. Prominent dApps within its ecosystem include Burrow, LiNEAR Protocol, Meta Pool Near, and Ref Finance.
Near’s TVL is considerably lower than its newer counterparts. For instance, Base Blockchain, launched by Coinbase in 2023, has amassed $2.43 billion in assets. Similarly, Sui has accumulated $1.01 billion, while Arbitrum holds $2.34 billion.
Decentralized Exchange Market Share
Near Protocol also holds a minor share in the Decentralized Exchange (DEX) market. DEX networks within its ecosystem handled transactions worth $26.3 million, falling short compared to chains like Mint, Injective, and Blast.
This underperformance is partly attributed to Near Protocol’s absence of a meme coin ecosystem, a factor that has significantly boosted Solana to become the largest DEX blockchain this year.
On a positive note, Near handles a substantial volume of transactions weekly. According to recent data, it processed 49.2 million transactions in the last seven days, with the number of weekly active addresses rising by 11% to 11.55 million.
Technical Analysis: Near Token’s Key Levels
The daily chart indicates that the Near Protocol token has been consolidating recently. It has formed a symmetrical triangle pattern nearing its confluence level. This triangle, formed during an uptrend, is often viewed as a bullish pennant chart pattern, a popular continuation signal.
Additionally, NEAR has developed an inverse head and shoulders pattern, which typically suggests further upside potential. For this to materialize, Near must break above the 50% Fibonacci retracement point at $5.012 and the 200-day moving average at $4.88.
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