The NEAR protocol (NEAR) is making waves in the cryptosphere, climbing to the top of Google searches and attracting the attention of investors. This newfound interest, combined with solid activity data from analytics platform DappRadar, is fueling speculation about a potential price explosion.
Some analysts are predicting a meteoric rise to $16, despite recent declines. However, beneath the bullish bravado there is a layer of technical analysis and short-term volatility that requires a closer look.
Google Surge decoding by NEAR
Recent escalate in Google searches NEAR is undeniable. This newfound interest can be interpreted in two ways. Optimists see this as a sign of growing recognition and potential adoption into the mainstream.
They point to NEAR’s mighty foundations – its developer-friendly architecture, focus on decentralized finance (DeFi), and energetic ecosystem with popular DApps such as Kai-Ching and Scorching Wallet.
hey, sorry kids. it looks like NEAR is number one in google search trends. another huge W. try it yourself. 😎😎😎😎😎😎😎😎😎😱😱😱😱😱😱😱😱🤩🤩🤩🤩🤩
literally also ez 🥱 pic.twitter.com/eYKWZM0iWK
— NEAR Protocol (@NEAR Protocol) June 5, 2024
According to DappRadar, the NEAR protocol has a high transaction volume, which reflects high network activity. Additionally, DappRadar highlights NEAR’s promising DeFi presence with a vigorous total value locked (TVL) in its DeFi applications. This combination positions NEAR as a competitor in the evolving blockchain landscape, attracting both retail and institutional investors.
However, skeptics caution against exaggerating Google Trends. They argue that search volume does not always translate into long-term price increases. It’s possible that this growth is a passing fad, driven by short-term marketing campaigns or even social media influencers. They point to the current price decline as evidence of the disconnect between online hype and actual market movement.
Can technical analysis get closer to $16?
Crypto More Crypto Online’s analyst threw down the gauntlet, making a bullish case for NEAR based on Elliott Wave Theory and Fibonacci Retracement Levels. Theory suggests that market prices follow predictable wave patterns, and the current price action places CLOSE to a potential “second wave” of the five-wave sequence. According to More Crypto Online, it is paving the way for a significant “third wave” with a price target of $16.
$CLOSER: The price continues to hold above the relevant support level at $4.97. As long as this level of support holds, we are likely to see a third wave, which should take the price to above $16. However, we need greater growth dynamics.#CloseProtocol #NEAR pic.twitter.com/azsWbQTMKG
— More cryptocurrencies online (@Morecryptoonl) June 12, 2024
While this analysis offers an engaging roadmap, it is vital to be aware of the limitations of technical analysis. These models are based on historical price movements, and the future market can be notoriously unpredictable.
Can the coin sustain a bullish balance?
The key to NEAR’s potential upside is the key support level at $4.97. If the price continues above this point, it will reinforce the bullish outlook and potentially trigger the expected third wave. A successful third wave could push NEAR to significant price targets, initially around $10.50 and potentially even higher.
Featured image from Shutterstock, chart from TradingView
