NEAR Protocol: A Leading Altcoin with Strong Potential to Hit $10 by Year-End

NEAR Protocol: A Leading Altcoin with Strong Potential to Hit $10 by Year-End

NEAR Protocol has rapidly emerged as one of the most promising altcoins in the cryptocurrency market. Recent developments and data from the on-chain analytics platform Our Network, suggest that NEAR is positioned for substantial growth, with a target price of $10 by the end of the year.

Why NEAR is Poised for a Major Price Surge

In August, NEAR Blockchain successfully implemented Nightshade 2.0 on its mainnet, introducing sharding capabilities. This upgrade has allowed NEAR to address the notorious “blockchain trilemma,” becoming the first network to achieve high transaction speeds, low costs, and full decentralization simultaneously. This technological milestone lays a solid foundation for NEAR’s upward momentum. Currently trading at $4.70, here are three key reasons why NEAR could soar to $10 or more by December.

1. Growing Adoption of Consumer-Focused dApps

Since the mainnet upgrade, NEAR has seen a significant rise in consumer-oriented decentralized applications (dApps). A notable example is Cosmose AI’s KAIKAI dApp, which has already attracted over 45.7 million users. The growing popularity of dApps on NEAR not only highlights the platform’s increasing utility but also signals the network’s potential to drive considerable value, setting the stage for a price rally.

2. Expansion of the Meme Coin Market

Meme coins have been a catalyst for explosive growth across various blockchain networks like Ethereum, Solana, and, more recently, Tron. NEAR appears to be on the verge of tapping into this lucrative trend. Meme Cooking, a token launchpad on NEAR, quickly gained traction, locking in about 11,000 NEAR (approximately $54,000) within hours of its launch. Although this amount has since fluctuated, it shows the potential of meme tokens to drive substantial market capitalization gains. For instance, Solana’s meme coins contributed an additional $8 billion to its market cap, while Tron added $392 million. NEAR could see a similar surge in market value, propelling its price higher.

3. Rising Stablecoin Transactions

Stablecoin activity on the NEAR network has seen exponential growth, with transactions surpassing $2 billion in August—an impressive 800% year-on-year increase. Additionally, NEAR’s stablecoin supply (primarily USDC and USDT) now stands at $671 million, making it the 10th largest blockchain in terms of stablecoin reserves. Stablecoins are vital to enhancing network liquidity, and as their supply on NEAR grows, it positively impacts the network’s overall price dynamics.

Will NEAR Reach $10 by December?

NEAR’s price chart reveals a bullish falling wedge pattern, with the price breaking above the wedge in late September. Typically, such breakouts signal a trend reversal, suggesting further upward momentum.

After reaching as high as $6.00, NEAR has since pulled back slightly to its current price of $4.67. Immediate support lies around $4.60, just above the 50-day exponential moving average (EMA), a dynamic level often regarded as reliable support. A bounce from this level would confirm the breakout, potentially pushing NEAR towards the $10 mark.

However, resistance around the $8.00 level could present a hurdle, though strong bullish momentum may propel the price past this barrier. For investors, the current price presents an attractive entry point, with the 50-day EMA offering solid support.

In conclusion, the breakout from the falling wedge suggests that NEAR is on a bullish trajectory, with the potential to rally toward $10 or even higher by the end of the year.