The Near Protocol price is on an uptrend as the ecosystem continues to grow. The coin is trading at $17.12 which is almost 130% higher than the February low. Its market cap has risen to over $11.35, making it the 17th largest cryptocurrency in the world.
near ecosystem development
Near Protocol is one of the largest blockchain that wants to be the leading player in the industry. The network is currently transitioning to become a fully sharded platform. Sharing is a complex process that breaks up blocks into smaller pieces called shards. As a result, the process helps in increasing the overall throughput.
April has been a successful project for Near Protocol. For one, the developers raised more than $350 million from investors. These funds will be used to grow the ecosystem by providing grants to developers and hiring more developers. New fundraising followed a few months later when the developers raised another $150 million.
The price of Near Protocol has also increased due to the ongoing ecosystem development. According to DeFi Lama, the network’s net worth locked (TVL) has grown to over $1.4 billion. Nearby’s TVL itself has grown to $476 million, while Aurora’s TVL has grown to over $960 million.
NEAR rose sharply on Tuesday after TVL raised over $200 million in Ref Finance. It has gained 14% in the last 24 hours and 52% in the last seven days. This makes it the largest application built into the Near Protocol. Other applications in the network have also seen a strong leap forward for TVL. For example, Borough grew to over $143 million while Meta Pool grew to over $143 million.
Near Protocol Price Forecast
The daily chart shows that NEAR price has been in a strong bullish trend over the past few months. On the way, a coin is made which is a . sees like cup and handle pattern, This pattern usually sends a signal that the bullish trend will continue.
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 grey. Therefore, the Near Protocol price will continue to rise as the bulls target an all-time high of $20.50.