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NEAR Protocol displayed strong potential for a breakout. NEAR price technical indicators like a symmetrical triangle formation pointed to a 40% surge. Could increased open interest, rising total value locked (TVL), and Bitcoin integration through smart contracts propel Near price to $7?
NEAR Protocol Targets $7 as Traders Await Price Breakout
In NEAR`s price action, we can see a symmetrical triangle. This pattern is when the price makes an unusual move within converging lines of support and resistance. These bands acts as a squeeze, leading to a breakout.
If NEAR breaks up from this triangle on the upside, it can initiate a price rally towards the $7 target. Yet, a descending move below $4.800 would be justification that the bullish pattern has ended, and the price could test the $3.500 support area in weakness.
NEAR Protocol Enhances Bitcoin Integration
In a recent tweet, NEAR Protocol highlighted it`s making huge strides with Bitcoin by using multiple versions of Bitcoin like wBTC, tgBTC, cbBTC, and kBTC, in addition to Bitcoin’s native.
The platform has integrated smart contract capabilities around Bitcoin, allowing it to operate seamlessly within NEAR’s ecosystem while still leveraging Bitcoin’s base layer.
NEAR’s Chain Signatures technology enables the platform to abstract away the complexities of managing multiple Bitcoin versions, providing developers and users with a more flexible and integrated experience.
NEAR Protocol is merging Bitcoin’s (BTC) decentralized security with the programmability of NEAR’s blockchain, positioning itself as a leader in improving Bitcoin’s utility within the broader crypto ecosystem.
Open Interest Shows Rising Engagement
A chart of the OI, shown in green bars, is steadily increasing as the indicator shows increasing activity within the derivatives market.
An increase in OI signals that NEAR futures contracts are pulling more capital.
At the moment, NEAR Protocol’s open interest growth rose 4.8% in the past 24 hours. One take on the current surge in OI is simply the growing confidence in NEAR’s long-term potential
Rising Total Value Locked (TVL) and Liquidity Trends
NEAR Protocol’s Total Value Locked (TVL) has risen to $242 million at the moment and stands at 34.44% higher than the numbers recorded back in early August.
The presence of such big growth in TVL indicates that more capital in NEAR ecosystem. This shows a high market interest as more assets are staked, and they are invested.
NEAR’s expansion of its ecosystem to launch the relaunched NEAR AI as well as completing its sharding roadmap (Nightshade 2.0) also added to the positive sentiment.
With its next event coming up in Bangkok this November, this only adds to the excitement surrounding the forthcoming edition in Bangkok, along with our ever-increasing investor interest. At the same time, other blockchain players like Qubetics are joining the competition.