Near Protocol Price Prediction: Could Near Protocol hit $10 in 2023?

Key Takeaways:

• Near Protocol price has been under bullish influence since the beginning of 2023 and hence is expected to maintain a notable upswing for the rest of the year
• The NEAR price may remain largely inflated throughout the year 2023 but only after it finds the bottoms of the current bear market
• The token has managed to attract significant amount of buying pressure which has been tackling the bearish volume 

Price	$1.59
24H Price Change	+2.3%
7D Price Change	+25.3%
MarketCap	$1.34 billion
Circulating Supply	844.12 million
Trading Volume	$57.47 million
ATH	$20.42
ATL	$0.52

Additional Read: Near | Price Predictions

Near Protocol Price History

• The Near protocol price began its journey after the market began to rise post the price slash led by Covid pandemic
• The price remained consolidated towards the bottoms and with the beginning of 2021 bull run, quickly raised high to reach the ATH above $20 on January 17th, 2021
• However, the bear market slashed the price to $9.09 and further raised high to reach levels above $17 just before the market slashed in May 2022
• With the bear market igniting, the price has slashed to a single digit figure and also believed to drop below $1 to mark the bottoms soon.

Near Protocol Technical AnalysisSource: Tradingview

• The Near Protocol price has been trading within a bearish descending parallel channel ever since the beginning of H2 2022
• The price reached the lower bottom of the channel and quickly rebounded to rise beyond the middle bands indicating a revival of bullish trend
• The bearish influence is believed to intensify very soon and hence the price is expected to drop below $1 to mark the bottoms in the next few days
• However, a notable rebound may follow that could uplift the price close to $2 in the first few days of February 2023

Overview of Near Protocol On-chain Analysis

Development Activity

Source: Santiment

The Development activity of the protocol is a significant indicator of the growth fundamentals of the platform. A rise in the development activity indicates the team is working behind a specific goal to reach to strengthen the platform which induces significant bullish momentum within the market participants. This may in turn amplify the market prices of the protocol. The development activity of Near protocol had dropped to rock bottom levels, which has rebounded and risen to some extent. This bullish indicator may uplift the price in a concise time frame.

Social Dominance

Source: Santiment

Social dominance measures the dominance of the asset compared to the top 100 tokens within the market. If the mentions or messages of the token rises compared to that of the other tokens, then it is considered that the dominance rises. The NEAR social dominance has been consistently bearish ever since the market collapsed in May 2022. The dominance rose heavily for only a few days in October 2022 and quickly fell and remained flat until the moment. 

Near Protocol Trading Volume

Source: Santiment

The trading volume indicates the number of funds being rotated in the past 24 hours. The day market collapsed in May 2022, the trading volume recorded the highest of nearly $1.98 billion. However, amid the bear market, the volume drastically dropped and reached levels below $50 million. Presently, the volume has again slashed below $100 million to reach $64.93 million after reaching interim highs of around $334.84 million.

Near Protocol Price Prediction for 2023

The crypto markets have been heavily bearish throughout the year 2022 and are hence believed to remain to trade towards the south as the bears continue to haunt the rally. After reaching the bottom, which is speculated to be fast approaching, the price may begin with a suitable recovery phase. By the end of H1 2023, the price may have risen slightly to reach close to $2 and consolidate at these levels for a while. 

During the second half of the year, the NEAR price may have gained significant strength to revive a notable bullish trend ahead. By the end of Q3 2023, the NEAR price may attempt to surge beyond $5 and by the end of the yearly trade, the price could trade between $7 to $8 but may remain distinct from a double-digit figure.

Near Protocol Price Prediction for 2024

The NEAR price is believed to be highly bullish in 2024 ever since the beginning of the yearly trade. The price after soaring close to $10 coil reclaims the levels in the first few weeks of 2024 and maintains a notable upswing thereafter. By the end of H1 2024, the price could soar high beyond $12 and begin a substantial bull run thereafter. 

However, the bulls could have gained enough strength to face the bearish action. Hence, each price drop could act as a trigger to rise above the interim highs. By the end of Q3, 2022, the price is believed to reach beyond $15. Further, the NEAR price may try to reach close to $20 and sustain above the levels by the end of 2024.

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Near Protocol PRICE PREDICTION 2025-2030

The cryptos in the longer time frame are believed to remain bullish in nature and form new highs in the coming days. The bull run which is speculated to begin in 2024 is believed to continue throughout H1 2025 and close the yearly trade on a bullish note. Further, the price may undergo a minor pullback amid the correction phase in the coming years 2026 and 2027.

During the year 2028, the price may again rise and lay down a notable upswing to reclaim the lost levels. After testing the previous highs, the NEAR price is believed to remain bullish in the following years. By the year 20230, the price could surge close to a 3-digit figure, if the markets are not hit by a bearish wave. 

Year	Near Protocol Price Forecast
2023	$5.5 to $6.5
2024	$11.8 to $18.5
2025	$25 to $32

Should you invest in Near Protocol in 2023? 

Near Protocol ever since its inception in 2020 has manifested acute strength and desire to form new highs very quickly. However, the current bearish market has squeezed the price largely which is believed to be overcome very soon. Despite this, a deep knowledge of market trends and a close observation of the price movements are very necessary before investing in NEAR tokens or any of the cryptos.

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