Near Protocol (NEAR) Touches $19 as TVL Jumps to $340 Million

Key Insights:

  • On Friday, Near Protocol (NEAR) touched $19 before falling back amidst a broad-based crypto sell-off.
  • The upward price trend comes as Near Protocol’s total value locked breaks the $300 million barrier.
  • Technical indicators are bullish, with NEAR sitting above the 50-day EMA.

On Friday, NEAR bucked the broader crypto market trend, rising by 0.69%. Following a 14.01% breakout on Thursday, NEAR ended the day at $17.53.

While the upside on the day was modest, NEAR revisited $19 levels with a day high of $19.32 falling back. The early breakout saw NEAR come within range of its all-time high of $20.48 before succumbing to crypto market forces.

Breaking through the First Major Resistance Level at $18.38, the Second Major Resistance Level at $19.33 limited the upside.

New Address Counts and Total Value Locked Delivers NEAR Support

On Friday, FX Empire reported the launch of the NEAR Foundation to drive the development of network projects. The news was NEAR positive, with acceleration in address growth in the first quarter also NEAR positive.

According to Friday’s report, the Near Protocol users based surged by 139% to 5.3 million in the first quarter.

It has been an impressive start to the year for NEAR. According to Defi Llama, NEAR’s total value locked (TVL) surged to a Saturday ATH of $340.07m. On December 31, 2021, NEAR’s TVL stood at $136.61m.

The upward trend in TVL has been key to NEAR price action in recent months. Year-to-date, NEAR is up by 17.5%. The TVL has surged by 149%.

NEAR TVL 090422
NEAR Protocol Total Value Locked

What is Total Value Locked, and Why Does it Matter?

The total value locked is the value of crypto assets deposited in a DeFi protocol. In recent months, TVL has drawn significant interest. Traders consider the TVL a key metric in measuring market interest and native token value.

The market will be looking for divergence between the TVL and the market cap of a token. Buying or selling opportunities present themselves at times of greatest TVL and price divergence.

NEAR Price Action

At the time of writing, NEAR was down 2.62% to $17.07. A mixed start saw NEAR rise to an early morning high of $18.19 before falling to a low of $16.75.

NEARUSD 090422 Daily
A move through $18.50 would support another run at $20.

Technical Indicators

NEAR will need to move through the $17.89 pivot to make a move through the First Major Resistance Level at $18.96.

Broader market sentiment would need to improve to support a move through $18.5 levels.

In the event of another extended rally, NEAR should test the Second Major Resistance Level at $20.39 and resistance at the ATH of $20.48.

Failure to move through the pivot would bring the First Major Support Level at $16.46 into play. Barring an extended sell-off throughout the day, NEAR should avoid sub-$16. The Second Major Support Level sits at $15.39.

NEARUSD 090422 Hourly
Failure to move through the pivot would test support at $16.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. As a result of the current breakout, NEAR currently sits above the 50-day EMA at $16.12. This morning, the 50-day EMA pulled away from the 100-day EMA. We also saw the 100-day EMA move away from the 200-day EMA; NEAR price positive.

Avoiding the 50-day EMA would support a return to $20.

NEARUSD 090422 4-Hourly
NEAR will need to avoid the 50-day EMA to take a run at its ATH of $20.48.

FTX Ventures, Tiger Global Lead $350M Funding for NEAR Protocol

Key Insights:

  • NEAR Protocol raised $350 million, led by hedge fund Tiger Global.
  • The investment will be used to support the growth of Dapps across NEAR’s ecosystem.
  • In response to the investment, NEAR almost spiked by 30% earlier in the day.

NEAR this year witnessed a jolt of investment and interest from retail individuals as well as institutional investors and venture capitals.

The result is visible today as the coin is already on its way to flipping Shiba Inu and establishing itself as one of the top 15 cryptocurrencies in the world.

NEAR Gets Closer to Big Players

In a press release, the network announced its latest funding round, which upped its total value by another $350 million. This investment will help NEAR accelerate its goal of advancing the decentralization of the chain through Dapp development.

As stated by NEAR Protocol, this $350 million will be used to develop and support the growth of the Decentralized Finance (DeFi) applications on the blockchain’s ecosystem.

NEAR also intends on establishing regional hubs in ‘key community centers’ all around the world to further its presence.

This is the second round of funding conducted by NEAR Protocol after it managed to raise $150 million earlier this January. However, this time along with higher investment, the funding round also saw the involvement of much more investors.

Led by Tiger Global, the $350 million also came from  Republic Capital, FTX Ventures, Hashed, Dragonfly Capital, ParaFi Capital, Blockchange Ventures, and MetaWeb Ventures.

Commenting on the network and development, Brian Lee, Partner at FTX Ventures, said,

“NEAR ecosystem has fostered a strong developer community by leveraging the powerful combination of a new programming model alongside the battle-tested EVM. We are excited to support NEAR in its next phase of growth.”

NEAR on the Charts

While at the time of writing, NEAR was trading at $18.07, earlier in the day at its highest, the altcoin was up by almost 30%. This places the coin 113% above where it was before the rally began and is now getting closer to establishing a new ATH. 

NEAR Protocol has risen by 113% since the last month

As reported by FXEmpire earlier in the day, the prospect of investing in the coin looks pretty appealing at the moment. Those looking for the right time to enter should watch for the coin’s reaction as it breaches the all-time high, though.

Bitcoin and ETH Could Resume Decline, NEAR Reaches Key Juncture

Key Insights:

  • Bitcoin struggled to clear $44,000 and declined.
  • Ether (ETH) failed to clear $3,300 and is now showing bearish signs.
  • NEAR rallied over 20%, but it might face hurdles near $20.00.

Bitcoin

Recently, bitcoin price started a minor upside correction above the $43,200 level. The price was able to move above the $43,600 level and the 21 simple moving average (H1).

However, it faced a strong resistance near the $44,000 level. There is also a key bearish trend line forming with resistance near $43,800 on the hourly chart. The price is now trading below $43,500 and the 21 simple moving average (H1).

Bitcoin

An immediate support is near the $42,750 level. The first key support is near the $42,550 level. If the price fails to stay above $42,550, it could extend decline towards the $41,650 support zone. On the upside, the price must clear $44,000 and the 21 simple moving average (H1) to start a recovery wave.

Ethereum (ETH)

ETH recovered above the $3,240 and $3,250 resistance levels. However, it faced a strong resistance near the $3,295 and $3,300 levels.

There was another decline and the price traded below $3,250 and the 21 simple moving average (H1). It tested a key bullish trend line with support near $3,230 on the hourly chart. If there is a downside break below the trend line and $3,200, the price could resume decline.

Ethereum (ETH)

An immediate support is near the $3,145 level. The next key support is near the $3,100 level, below which there is a risk of a larger decline.

NEAR Protocol

NEAR remained well supported near the $14.20 level. The price started major increase and there was a clear move above the $15.50 and $17.20 levels.

The price even settled well above the $17.20 level and the 21-day simple moving average. It seems like the bulls are now aiming the main resistance on the upside at $20.00. If they manage to push the price above the $20.00 resistance zone, the price could start a major increase.

NEAR Protocol

The next major resistance could be near the $21.50 level. If not, the price might correct lower below $18.00. On the downside, there is a crucial support forming near the $15.00 level and a bullish trend line on the daily chart.

ADA, BNB, and DOT price

Cardano (ADA) is showing bearish signs below the $1.10 level. If the price breaks the $1.05 support, it could even move below the $1.00 level.

Binance Coin (BNB) failed to clear the $440 level and started a fresh decline. It seems like the price might revisit the $420 support.

Polkadot (DOT) is down 3% and there was a break below the $20.00 level. The next major support is near $19.50, below which the price might test $18.80.

A few trending coins are ZEC, CVX, and ENJ. Out of these, ENJ is gaining pace above the $1.65 resistance level.

NEAR Inches Closer to New ATH As Addresses Grow by 139% in Q1 2022

Key Insights:

  • Near Protocol launched its awareness-focused Foundation to support the development of projects.
  • At the same time, it registered the highest growth in addresses for Quarter – 1 of 2022.
  • Consequently, the price has risen by over 25% since yesterday.

NEAR was almost considered a blimp on the radar after it defied the market trend and marked an all-time high (ATH) in January.

But the altcoin managed to pull back up as March began, and as a result, it is close to breaking the ATH today, fuelled by some significant ecosystem developments.

NEAR Is Pretty Near $20

Yesterday, the NEAR Protocol launched the NEAR Foundation with the aim of establishing an ‘open web world’. And to achieve that, the Foundation will be spreading awareness, supporting projects, and providing a clear path to decentralization on the NEAR Protocol.

And not only is this a step in the right direction but it also comes at the right time, given the community’s support for the protocol is at its highest.

In the last three months, which marked the first quarter, NEAR observed a stark growth in its user base, which shot up by 139%, from 2.2 million to 5.3 million.

In the last 3 months NEAR has noted a 139% rise in its addresses | Source: Twitter

NEAR outperformed most of the other up-and-coming DeFi blockchains, as the likes of Crypto.com, Fantom and Avalanche were far below NEAR’s growth.

Talking about growth, NEAR hasn’t been far behind when it comes to price action. In the last 24 hours alone, the altcoin appreciated by 25.26% and stood only 4.24% away from marking a new all-time high.

Since the last one was at $20.2, the altcoin will naturally breach the $20 level soon.

NEAR rallied by 25.07% in the last 24 hours

 

Plus, it has the support of the market since price indicators are pointing towards a bullish narrative. The Parabolic SAR was about to establish a downtrend, but the same was invalidated by the green candle yesterday, thus moving the white dots of the SAR underneath the candlestick.

Furthermore, the MACD is continuing its bullish rise with the indicator line (white) keeping above the signal line (red), supported by the green bars.

Thus, NEAR certainly has room for more growth at the moment unless broader market cues end up raining on the altcoin’s parade.

Investors Seem Excited

It isn’t surprising to see so many new investors in these last few months, and it won’t be surprising still if the streak continues over the coming weeks. And looking at the state of the market, these investors couldn’t be coming in at a better time.

At the moment, the Sharpe Ratio, which indicates the risk-adjusted returns of an asset, is at its seven months highest at 6.47. This places NEAR in a very appealing position, and for the same reason, we could note higher inflows throughout April.

NEAR’s Sharpe Ratio is currently at 6.47 | Source: Messari

Bitcoin and ETH Show Bearish Signs, LUNA Could Surge Above $125

Key Insights:

  • Bitcoin seems to be forming a top near the $47,150 level.
  • Ether (ETH) struggled to clear $3,530 and $3,550.
  • LUNA seems to be eyeing a fresh rally and might test $125.

Bitcoin

Recently, bitcoin price made a couple of attempts to gain strength above $47,000 and $47,150. However, the bears remained active above $47,150.

As a result, there was a bearish reaction and the price is now trading below $46,550. There was a move below the $43,150 level and the 21 simple moving average (H1). The next major support is near the $45,750 level.

Bitcoin

If the bears remain active, the price may perhaps decline below the $45,150 support. On the upside, there is a major resistance forming near $47,000 and $47,150. A clear move above the $47,150 level could set the pace for a fresh rally.

Ethereum (ETH)

ETH also faced a strong resistance near the $3,535 and $3,550 resistance levels. It seems like ETH is forming a top near the $3,550 level.

It is now trading below the $3,500 support level and the 21 simple moving average (H1). The next major support is near the $3,410 level. A downside break and close below the $3,410 support level may perhaps open the doors for a larger increase.

Ether

On the upside, the price is facing resistance near the $3,500 level. The main resistance is now near $3,550, above which ether price might surge.

Terra (LUNA)

LUNA settled nicely above the $100 resistance zone. The bulls were able to push the price above the $105 and $108 resistance levels.

The past few days were pretty bullish above the $105 level and the 21-day simple moving average. Today, the price started a fresh increase and gained pace above the $115 level. It is up over 5% and the current price action suggests more upsides above the $120 resistance.

Terra (LUNA)

If the bulls succeed, the price could rise towards the $125 level. If not, it might correct lower and test the $110 support.

The main support is now forming near the $105 level and a bullish trend line on the daily chart. If the price fails to stay above $105 and $100, it might start a major downside correction.

ADA, BNB, and DOT price

Cardano (ADA) failed to clear the $1.22 resistance level. It traded below $1.20 and seems like the price might even decline below $1.18.

Binance Coin (BNB) spiked above the $455 level, but there was no upside continuation. The price is now consolidating near $450 and might drop to $442.

Polkadot (DOT) is consolidating near the $22.20 level. If there is a move below the $22.00 level, the price might decline towards $21.20 in the near term.

A few trending coins are DOGE, NEAR, and CELO. Out of these CELO was able to rally above the $4.50 and $4.60 resistance levels.

Top 5 Cryptocurrencies to Watch This Week – BTC, SOL, NEAR, THETA, AAVE

Key Insights:

  • BTC’s bullish momentum has pushed the crypto market cap above the $2 trillion mark.
  • However, as BTC is still around the $45,000 mark, bullish action in altcoins seems to be weakening too.
  • SOL, NEAR, THETA, and AAVE were a few coins that noted higher gains at press time. 

After a relatively bullish fortnight, bitcoin’s price is still around the $45K mark attempting to hold above its closest support level. BTC charted close to 30% gains in the second half of March, paving the way for altcoins to note gains. 

At the time of writing, data from CoinMarketCap presented that the global crypto market cap stood at $2.14 trillion, a 0.68% decrease over the last day. As traders closely watched BTC consolidate near the $45K mark, the total crypto market volume in the previous 24 hours saw a 9.60% decline. 

Of the top cryptocurrencies, Solana (SOL), Near Protocol (NEAR), Theta (THETA), and Aave (AAVE) could be the tokens to follow in the coming week. To better understand what to expect from these coins, let’s look at their price movements as a new week begins.

Bitcoin (BTC)

At the time of writing, the king coin traded at $45,860.66, noting a 0.82% decline in 24-hours and a 2.68% decrease over the last week. BTC faces an intense tussle from bulls trying to keep the coin’s price above the key $46,500 mark and bears aiming to keep it under the same. 

BTC’s price is still under the 2022 yearly open price of $46,200. However, with the beginning of another quarter, fresher capital pumping into the top coin can further provide bullish momentum to BTC’s trajectory. 

FXempire, BTC, Crypto
BTC Price Action | Source: FXEmpire

At the time of writing, the daily RSI for BTC was lower than the March-end levels highlighting a drop in buying pressure. The 200-day simple moving average (SMA) at $48,276 can be a critical bullish level for the coin. 

A push above the $48,200 mark in the near term can put BTC bulls back on track, and BTC could then expect another run to $52,000. 

Solana (SOL)

Solana’s recovery from the under $100 mark fueled a rally for the sixth-ranked asset by market cap. SOL’s uptrend began on March 15, and the asset has gained over 55% price since then. 

At the time of writing, Solana traded at $134.64, noting a 3.48% fall in price on the daily and a 22.39% rise in price on the weekly. Solana’s rally was confirmed after the coin rose above the crucial $120 resistance mark. 

FXempire, Solana, Crypto
Solana Price Action | Source: FXEmpire

Over the last three days, SOL’s trajectory has slowed down with the $141 mark acting as a strong resistance. Bears are cautiously defending the $141 mark and a move above the same if bulls push harder could see the altcoin rise to the $173 mark. 

However, if the bullish anticipations are invalidated, SOL could turn to the lower $120 level, where it would find support. For now, though, buying pressure was still high as RSI oscillated in the overbought zone. 

In the near term, profit-taking from traders at the current level could see selling pressure increase thus negatively affecting prices. 

Near Protocol (NEAR)

At the time of writing, NEAR traded at $15.84, noting a 5.10% fall in price on the daily and a 19.74% price rise over the week. The token ranked 19 on Coin Market Cap, and its trade volumes presented decent buying around the $15 mark. 

FXempire, NEAR, Crypto
NEAR Price Action | Source: FXEmpire

NEAR made an all-time high of $20.39 on January 17 this year, and its recent run instilled hopes of a new ATH for the coin. However, for the last two days, the coin’s price has been consolidating just under the $17.26 resistance. 

Nonetheless, NEAR has made higher highs since March 22 which reinstigates hopes of a new ATH for the token. However, with the coin’s RSI in the overbought zone, if bears take over ease in buying pressure could further pull the token’s price down to the $14.24 level. 

Theta Network (THETA)

THETA’s price has been range-bound between $2.50 and $4.25 for the most part of this year. At press time THETA traded at $3.86 noting 5.10% fall over the last 24-hours. 

Since the price has maintained above the crucial $3.50 mark, the same signifies traders holding their position. However a break below the $3.80 mark could see THETA fall down to the near $2.7 level. 

FXempire, theta, Crypto
THETA Price Action | Source: FXEmpire

The 20-day EMA at $3.54 could play a key support for the token in the near term. That said, RSI for THETA saw a return to from the overbought zone indicating selling pressure taking over in the market. 

If the price slides below the 20-day EMA, the next level to watch would be the 50-day SMA at $3.17. 

Aave (AAVE)

After breaking its downward price trend on March 29, AAVE saw a 60% price rally. The AAVE gains indicated a potential change in trend as trade volumes for AAVE saw a healthy uptick. 

Establishing the 200-day EMA at $226 as support was crucial for the coin’s trajectory. While bulls have tried to push price below the $226 support AAVE trades at $236.60 at press time noting 37.88% gains over the last week. 

FXempire, AAVE, Crypto
AAVE Price Action | Source: FXEmpire

As the $226 level acts as support, AAVE’s price at press time saw a 24-hour dip of 4%. However, a push from bulls could send the coin above the $250 mark in the short term. 

With the larger market moving in a rangebound trajectory short-term gains for AAVE might not be in store. That said, AAVE’s RSI on a daily chart saw a decline indicative of weakening buying pressure.

Bitcoin and ETH Gain Traction, SOL Could Surge To $120

Key Insights:

  • Bitcoin might soon attempt an upside break above $43,450.
  • Ether must clear $3,065 for a steady increase.
  • SOL rallied 10% and might extend gains in the near term.

Bitcoin

After a short-term downside correction, bitcoin price found support near the $42,000 zone. It started a fresh increase above the $42,500 and $42,850 resistance levels.

The price even surpassed the $43,000 level and settled above the 21 simple moving average (H1). It is now facing resistance near the $43,200 and $43,450 levels. A clear break above $43,450 could set the pace for another upward move.

Bitcoin

If not, it could correct lower below $42,750. There is also a key bullish trend line with support near $42,700 on the hourly chart, below which the price might decline to $42,000.

Ethereum (ETH)

ETH also followed a similar pattern from the $2,940 support zone. There was a steady increase above the $3,000 resistance zone. The price even broke the $3,035 level and the 21 simple moving average (H1).

It is now facing hurdles near $3,070 and $3,080. A clear move above the $3,080 level could set the pace for a more significant increase. The next key barrier is $3,150, above which the price could rally to $3,240.

Ethereum (ETH)

On the downside, the $3,000 level is a crucial support. There is also a connecting bullish trend line with support near $3,000 on the hourly chart.

Solana (SOL)

SOL formed a strong base above the $78 and $80 levels. As a result, it started a steady increase above the $85 and $88 resistance levels.

There was a move above a major bearish trend line with resistance near the $95.00 level on the daily chart. The price even settled above the $95 resistance level and the 21-day simple moving average. It is now trading near the 50% Fib retracement level of the key decline from the $122 swing high to $76 swing low.

Solana (SOL)

The next key resistance is near the $105 level. It coincides with the 61.8% Fib retracement level of the key decline from the $122 swing high to $76 swing low.

A clear move above the $105 could even push the price above $110.00. In the stated case, SOL may perhaps start a steady increase towards the $120.00 level or even $125.00.

ADA, BNB, and DOT price

Cardano (ADA) is up over 10% and broke the $1.15 resistance levels. The next significant resistance is near the $1.20 level, where the bears might take a stand.

Binance Coin (BNB) is attempting an upside break above the $410 resistance level. A close above $410 and $412 might push the price above $422.

Polkadot (DOT) is consolidating above the $20.00 and $20.20 levels. An initial barrier is near the $21.00 level, above which the price might rush to $21.80.

A few trending coins are DOGE, MATIC, and NEAR. Out of these, DOGE rallied over 10% and cleared the $0.132 resistance.

Crypto Donations for Ukraine Cross $83 Million Led by Ethereum & Bitcoin

Key Insights:

  • The total amount donated in crypto has crossed $83.5 million.
  • Of the $83 million, 52.54% of the donations went directly to the Ukrainian government.
  • Bitcoin and Ethereum combined account for 67.73% of all donations.

As Ukraine continues to fight the invasion from Russia, support continues to pour in for the country.

One of the most significant sources of this aid is cryptocurrencies, which have surpassed expectations in the last two weeks. Data analysis shows that there are some interesting observations even in these donations.

Government > DAO

Even in decentralization, there is centralization. Since crypto brought the concept of Decentralised Autonomous Organization (DAO) into existence, one would expect to be the biggest receiver of these donations.

Surprisingly not, since people have more faith in an entity that can be held accountable, which is why about 52.54% or about $44 million of all donations have gone directly to the Ukrainian government.

The UkraineDAO, which was established for the sake of helping the country, only received about $13.38 million.

Even though it stood as the third biggest entity donation-wise, it was still behind the second biggest centralized foundation.

The Ukrainian government has directly received 52% of all donations | Source: Tableau Public

The eight-year-old Come Back Alive foundation, supporting Ukrainian troops since 2014, received close to $14.43 million.

Furthermore, beyond these three, the Binance Ukraine Emergency Relief Fund, run by the biggest crypto exchange in the world, managed to accrue close to $10 million.

However, this pattern does show that there is much more trust in a centralized system over a decentralized one.

Ethereum Trumps Bitcoin

The second peculiar observation was the domination of Ethereum in the distribution of donations. Contributing 39.27% to all donated cryptocurrency, Ethereum donations accounted for $32.84 million.

This was followed by the king coin, Bitcoin, accounting for $23.8 million (28.46%) of all donated cryptocurrencies.

The not-so-surprising addition to this mix was Polkadot, through which about $6.14 million was donated to Ukraine.

It isn’t surprising because, as reported by FXEmpire, 91.2% ($5.6 million) of the entire amount came from Polkadot’s founder Gavin Woods when Ukraine enabled donations in DOT.

The total donations have a 39% domination of Ethereum | Source: Tableau Public

The other donated cryptocurrencies included BNB BEP2, Solana, NEAR Protocol, BNB BEP20, and Dogecoin. These tokens cumulatively accounted for 32.37% ($26.86 million) of the $83 million donations.

These figures are only expected to increase since tension in the warzone is increasing by the day, and so are the donations. Not only are they rising day by day but also week by week.

Since the beginning of February, the total donations in the two weeks only witnessed 56 transactions in all.

However, the week after that, transactions grew by 45,584% to 15,533 and the following week by another 538% to 99,252.

The weekly transaction count has risen by 291,817% | Source: Tableau Public

Put simply, within two weeks, transactions shot up by 291817% and will only continue rising as the world stands with Ukraine.

Dragonfly Research Says Solana’s Speed Surpasses ETH & other Chains

Key Insights

  • Throughput (number of transactions in a particular time) on Solana surpassed the leading EVM chain by a wide margin. 
  • Researchers predict that competing layer-1 chains will outdo EVM chains.
  • However, Solana’s network is still plagued by some issues that need to be addressed. 

Dragonfly Research recently published an experiment comparing the performance of six blockchains by testing the capacity of automated market makers (AMMs) on each chain.

Reportedly, Solana’s Orca decentralized exchange (DEX) was the clear winner in trades per second. At the same time, Ethereum was called the ‘MS-DOS’ of blockchains.

Growth of Layer-1s

Over the years, Ethereum’s lack of scalability led to a mass migration to a new generation of L1s. Most of these L1s use the Ethereum Virtual Machine (EVM), making them compatible with Ethereum wallets and developer tools. The TVL growth of L-1s has been stellar, as seen below.

FXempire, Solana, Crypto, ETH,
Source: The Block

Solana, however, has completely rebuilt its stack from the ground up and claims to be the fastest blockchain in existence. Researchers tested the capacity of AMMs on each blockchain.

They found that Solana’s Orca DEX was the fastest with trades per second of 273.34 transactions per second and new blocks every 590 milliseconds.

BNB Smart Chain came in next with 194.6 trades per second on PancakeSwap, followed by Polygon, Avalanche, Celo (CELO), and, finally, Ethereum.

The researcher “GM” further argued that while there was a rich ecosystem built on EVM compatible chains, the results highlighted that ‘if you want high performance now you have to look outside the EVM space.’ GM concluded that layer-1 blockchains could surpass EVM-compatible chains. He noted:

“Overall, I come away with this impression: Ethereum is the MS-DOS of smart contract operating systems. But the current era of blockchains takes us into the Windows 95 era.”

Solana Stealing the Thunder, But…

Blockchains that are compatible with Ethereum tooling are called EVM chains. They often help in the scalability of the Ethereum network. The experiment attempted to compare blockchain throughput by measuring the number of swaps that could be made per block on native automated market makers.

AMMs refer to decentralized exchanges such as Uniswap and PancakeSwap that facilitate non-custodial token swaps on-chain.

Uniswap v2 was the benchmark since it’s the dominant DEX with $1.6 billion in 7-day transaction volume. The standard was 18.38 transactions per second with 13.2 seconds per new block, according to the report.

While the report results highlighted Solana’s faster performance, proponents of decentralization note other issues on Solana.

The team from the Spookyswap DEX on Fantom Opera criticized the findings, saying that Solana’ is an entirely centralized network, unlike Ethereum.’ Furthermore, the many service outages on Solana have also plagued the grid of late.

Although none of the blockchains in the test were used to their total capacity, GM said they expect that “all of the major L1s will improve over time.”

Dragonfly Research is the research arm of Dragonfly Capital. Its portfolio page shows that it has invested in Celo, Avalanche, Cosmos, and Near. However, the firm does not hold Solana in its portfolio yet.

Bitcoin and Ether Correct Gains, NEAR Could Pop Further

Key Insights

  • Bitcoin struggled to clear $45,000 and corrected lower.
  • Ether made two attempts to clear $3,035 but failed.
  • NEAR rallied over 20% and might continue to rise.

Bitcoin

After facing a strong rejection near $45,000, Bitcoin price started a downside correction. BTC declined below the $44,000 support level and the 21 simple moving average (H1).

There was also a break below a connecting bullish trend line with support near $44,000 on the hourly chart. The price is now trading near the $43,650 level. Immediate support is near the $43,150 level.

Bitcoin

The first key support is near the $42,950 level. If the price fails to stay above $42,950, it could extend the decline towards the $41,650 support zone. On the upside, the price might face resistance near $44,000 and the 21 simple moving average (H1). The main resistance is still near $45,000.

Ether (ETH)

Ether popped above the $2,950 and $3,000 resistance levels. However, it faced a strong resistance near the $3,035 and $3,040 levels.

The bulls made two attempts to clear $3,035 but failed. As a result, there was a downside correction below $3,000. There was also a break below a key bullish trend line with support near $2,980 on the hourly chart.

Ether

The price is now trading near the $2,950 level. Immediate support is near the $2,920 level. The first key support is near the $2,840 level, below which there is a risk of a larger decline.

NEAR Protocol

NEAR remained well supported near the $8.25 level. The price started a major increase and there was a clear move above the $8.00 and $8.50 levels.

Besides, there was a break above a crucial bearish trend line with resistance near $8.50 on the daily chart. The price even popped above the $10.00 level and the 21-day simple moving average.

NEAR Protocol

It is now struggling to clear the 61.8% Fib retracement level of the key decline from the $14.30 swing high to $8.20 low. The next major resistance is near the $12.80 level.

A close above the $12.80 may perhaps send the price towards the $14.00 level. The next major resistance could be near the $15.50 level.

ADA, BNB, and DOT price

Cardano (ADA) popped to test the $1.00 resistance, where the bears took a stand. It is now correcting lower and testing $0.95. The next major support sits near $0.92.

Binance Coin (BNB) settled above the $400 level. It even tested the $425 resistance. If BNB stays above $400, it could soon attempt a move above $425. If not, it could correct lower towards the $385 level.

Polkadot (DOT) struggled to clear the $19.20 resistance zone. It is now near $18.50 and might decline towards the $18.00 support zone.

A few trending coins are LUNA, FTM, and RUNE. Out of these, FMT is aiming for an upside break above the $2.00 resistance level.

NEAR Loses 20% of its Value as Crypto Market Sell-off Continues

NEAR is the biggest loser amongst the top 100 cryptocurrencies by market cap, with the broader market losing another $100 billion over the weekend.

The Total Cryptocurrency Market Cap is Now Below $1.6 Trillion

The NEAR Protocol is a decentralized application (dApp) platform designed to make the dApps similarly usable to those on today’s web. The protocol runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade. This PoS mechanism aims to provide dynamic scalability and stabilizes fees.

NEAR, the native token of the NEAR protocol, is the worst performer amongst the top 100 cryptocurrencies by market cap. Over the past 24 hours, NEAR has lost more than 20% of its value and is currently trading at $9.76 per coin.

There is no major catalyst behind NEAR’s current losses except the broader cryptocurrency market experiencing another major sell-off. The broader cryptocurrency market has lost roughly $100 billion over the weekend, with the total market cap now above $1.5 trillion.

Bitcoin was unable to defend its price above $35k and is currently trading around $33k per coin. Ether, the second-largest cryptocurrency by market cap, is down by 10% in the last 24 hours and is currently trading at $2,264.

NEAR Rallied Earlier this Year

NEAR has lost nearly 50% of its value over the past seven days, which is higher than the other cryptocurrencies in the top 100. The ongoing bearish performance comes after NEAR reached a new all-time high earlier this year.

On January 4, NEAR rallied past the $16 mark following a high demand for NFT-related projects. NEAR went on to reach an all-time high of $17.60 on the same day. NEAR embarked on a similar rally on January 11, after it was listed as the third-fastest growing crypto ecosystem for developers in 2021 by Forbes.

NEAR’s MACD line has dropped below the neutral zone. Source: FXEMPIRE

NEAR is currently trading below its 50-day moving average of $13.28. The MACD line has dropped into the negative zone due to the ongoing poor performance. The RSI of 33 shows that NEAR is currently in the oversold region.

Bitcoin and Ether See Crucial “Liftoff”, SOL Bulls Aim Big

Bitcoin

After a minor downside correction, Bitcoin price found support near the $43,450 level. BTC started a fresh increase above the $44,000 resistance level and settled above the 21 simple moving average (H1).

Earlier, there was a break above a connecting bearish trend line with resistance near $44,000 on the hourly chart. The next key resistance is near the $44,400 level.

Bitcoin

A clear break above $44,400 might start another increase. If not, the price could start a downside correction towards the $43,450 level in the near term.

Ether (ETH)

Ether also started a major increase from the $3,200 support zone. The price remained stable above the $3,300 level and the 21 simple moving average (H1).

The price spiked above the $3,400 level and seems like the price is struggling to continue higher. A clear move above the $3,420 level could set the pace for a larger increase. The next key barrier is $3,485, above which the price could revisit the main $4,550 resistance.

Ether

If there is a downside correction, the price might find bids near the $3,360 level. There is also a key bullish trend line with support near $3,360, below which there is a risk of a sharp decline.

Solana (SOL)

SOL declined steadily from well above the $180 level. The price declined below the $165 and $150 support levels. However, it found support near the $130 zone.

Recently, SOL formed a base above the $130 level and started a fresh increase. There was a break above a major bearish trend line with resistance near $155 on the 4-hours chart. Besides, the bulls pushed the price above the 50% Fib retracement level of the downward move from the $180 swing high to $130 swing low.

SOL

The price is now reaching near the $160 resistance zone. The 61.8% Fib retracement level of the downward move from the $180 swing high to $130 swing low is also near the $160 zone. The next major resistance is near $165, above which the bulls might aim a test of $180 or even $200.

ADA, BNB, and DOT price

Cardano (ADA) spiked above the $1.34 and $1.35 levels before there was a minor decline. It is now trading near the $1.30 level. If there is a downside break below $1.30, the price could dive towards the $1.26 level.

Binance Coin (BNB) gained pace above the $480 level. The bulls are now aiming a test of the $500 barrier. If they fail, the price could decline towards the $460 level.

Polkadot (DOT) settled above the $26.50 pivot zone. There was a move above $27.00. If the bulls remain in action, the price might rise towards the $28.50 level.

A few trending coins are DOGE, NEAR, and ONE. Out of these DOGE is up 10% and there was a clear move above the USD 0.17 level.

NEAR Looks Ready to Set a New All-Time High, Up 13% in 24 Hours

NEAR reached an all-time high of $17 a week ago and now looks set to surpass that level thanks to its current rally.

NEAR Rallies by More Than 13% in 24 Hours

The broader cryptocurrency market continues to underperform, with Bitcoin still struggling around the $41k mark. However, NEAR has been rallying over the past few days. NEAR has added more than 13% to its value in the last 24 hours and looks set to surge even higher.

NEAR Protocol is a decentralized application blockchain designed to make decentralized apps similarly usable to those on today’s web. The blockchain runs on a Proof-of-Stake (PoS) consensus mechanism known as Nightshade, which is designed to provide dynamic scalability and stable fees.

NEAR’s rally can be attributed to a couple of positive news regarding the project. Forbes recently named Near Protocol the third fastest-growing cryptocurrency ecosystem for developers in 2021.

Another catalyst behind NEAR’s current rally is the increasing demand for non-fungible token (NFTs) projects. The Near Protocol is now home to some leading NFT projects, including Paras HQ, OP Games, Mintbase and DAORecords.

NEAR Could Set a New All-Time High Soon

NEAR has been rallying since the start of the year. On January 4, NEAR reached a new all-time high of $17.60. If it continues with its recent rally, NEAR could set a new all-time high over the coming hours or days.

NEAR’s MACD line has been above the neutral zone since December. Source: FXEMPIRE

The technical indicators show that NEAR is performing excellently at the moment. NEAR is currently trading at $16.240, above its 100-day simple moving average of $10.52. The MACD line has been in the positive zone since December 20, indicating a strong bullish trend.

The RSI of 61 shows that NEAR’s rally might not be over as it is still not in the overbought region. If the rally continues, NEAR would break past the $17.60 mark and set a new all-time high in the coming hours. An extended rally would allow NEAR to break the $20 psychological level before the end of the day.

Venture Capital Interest in Cryptos Continues with VC Shop Andreessen Horowitz Raising $9bn

Venture Capital firms and cryptos have had a long-standing relationship and this is one that is unlikely to end anytime soon. Back in mid-2018, over 120 firms had made two or more investments in blockchain companies. While the relationship has been a long one, the level of VC interest in cryptos has surged in recent years.

Venture Capital, Cryptos, and 2021

According to Institutional Investor, VCs invested $32.8bn in crypto-based projects in 2021. The report highlighted that the total investment in 2021 was more than all previous years put together.

Some notable facts and figures from the report include:

  • 43% of crypto funding went into companies involved in trading, exchange services, investment, and lending of crypto assets.
  • 17% went into NFT startups, DAOs, Web3, and the Metaverse.
  • There were also investments in custody, infrastructure, and DeFi.

What is Andreessen Horowitz?

Andreessen Horowitz, also known as a16z, is considered one of the largest venture funds in the market. In 2021, a16z launched a fund dedicated to digital assets. At the time of writing, a16z had $26.2bn in assets under management. The assets under management of the Crypto funds stood at $3.1bn.

Notable active investments within the crypto portfolio include Dapper, diem, Near, OpenSea, Polychain Capital, and Uniswap. Recent exits include Coinbase (DPO: Coin).

Andreessen Horowitz Raises $9bn

Such is the position of Andreessen Horowitz in the VC space that it faces few difficulties in raising capital. News hit the wires overnight of Andreessen Horowitz raising $9bn to “further its involvement in both crypto and tech”.

Looking at the global VC investment breakdown in 2021, VCs may look to build their exposures to NFT start-ups, DAOs, Web3, and the Metaverse. Just last month, Venture Fund TGV4 reportedly invested $25m into Web3 blockchain companies. According to the report, “the firm seeks to invest in major verticals such as Infrastructure and Financial Services, including Play-To-Earn games (GameFi), metaverse, and NFTs”.

Looking at the Year Ahead

For start-ups, companies looking for late-stage investment, and investors it could be a big year ahead. Much, however, will depend upon the regulatory landscape. At the turn of the year, there has been plenty of regulator chatter and activity that suggests greater oversight is on the horizon.

China is one country that is looking to rein in growth in the Metaverse. Last month, we had reported on some well-known Chinese multinationals looking to enter the Metaverse amidst increasing government scrutiny.

Bitcoin Struggles, Ether Eyes Upside Break, NEAR Protocol Sets New ATH

Bitcoin

After facing a strong rejection near $48,000, bitcoin price started a fresh decline. BTC declined below the $47,000 support level and the 21 simple moving average (H1).

However, the bulls remained active near the $45,700 level. As a result, there was a recovery wave above the $46,500 level and the 21 simple moving average (H1). It is now approaching a major resistance near $47,000 and a bearish trend line on the hourly chart.

Bitcoin

A clear move above the trend line resistance could send the price towards $48,000. If not, the price could decline towards the $45,700 support.

Ether (ETH)

Ether formed a strong base above the $3,700 level and started a fresh increase. The price was able to clear the $3,800 resistance and the 21 simple moving average (H1).

There was also a move above the $3,850 level. The next key barrier is $3,900, above which the price could revisit the $4,000 resistance. Any more gains may possibly push the price towards the $4,150 level. If not, there could be a fresh decline towards the $3,780 level.

Ether

There is also a key bullish trend line with support near $3,800 on the hourly chart. The next key support is near $3,700.

NEAR Protocol

NEAR formed a base near the $7.5 level and started a major increase. The price was able to clear the $10.00 and $12.00 levels to move into a positive zone.

The main move was above the $12.50 level and a close above the 21-day simple moving average. There was a break above a major bearish trend line at $11.50 on the daily chart. The price advanced above the $15.00 level and traded to a new all-time high above $17.00.

It is now consolidating near the $17.00 level. If there is a downside correction, the price might test the $16.50 level or the 23.6% Fib retracement level of the upward move from the $7.50 swing low to $17.50 high.

NEAR Protocol

If there is a major decline, the price could test the 50% Fib retracement level of the upward move from the $7.50 swing low to $17.50 high at $12.50.

On the upside, the bears are facing resistance near $17.50. The next major resistance is near the $18.00 level. A close above the $18.00 may perhaps send the price towards the $20.00 level.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving higher and trading near the $1.35 level. A close above $1.35 could set the pace for a move towards the $1.40 level. Conversely, there could be a move towards the $1.32 level.

Binance Coin (BNB) is struggling to gain pace for a move above the $525 level. If the bulls succeed, the price could rise towards the $532 level. The next major resistance is near the $550 level.

Polkadot (DOT) gained pace for a move above the $30.00 level. It is now consolidating near the $30.00 level. On the upside, it is facing resistance near $30.65, above which it could rise to $31.80.

A few trending coins are ICP, RVN, FTM, and CELO. Out of these HNT is up over 22% and it cleared the key $35 resistance zone.

NEAR Looks Ready To Test All-Time Highs

Growing Interest In NFT Provides Support To NEAR At The Start Of 2022

NEAR, the token of the NEAR Protocol (a decentralized application platform), gained strong upside momentum in recent days and moved closer to all-time high levels near the $18 level.

These levels were reached after NEAR Protocol got a listing on MoonPay back in December 2021. Exchange listings often serve as major catalysts for cryptocurrencies as they widen the pool of potential investors.

Back at the end of 2021, a synthetic issuance and trading protocol Crafting Finance, announced that it was integrating with NEAR Protocol, which may have served as an additional bullish catalyst for NEAR.

In addition, the rapid increase in traders’ interest in the NFT space has certainly provided significant support to NEAR. At this point, traders look ready to get into all promising projects in this market segment.

Key Resistance At $17.80 In Sight

near daily january 4 2022

NEAR managed to get above the resistance at $16.40 and gained strong upside momentum. However, it failed to get to the test of the all-time high levels at $17.80 and pulled back towards the $17 level. RSI remains in the moderate territory, so there is enough room to gain additional momentum in case the right catalysts emerge.

If NEAR manages to settle above the recent highs at $17.60, it will head towards the next resistance at $17.80. A move above the resistance at $17.80 will likely push NEAR above the $18 level.

On the support side, the previous resistance at $16.40 will serve as the first support level for NEAR. In case NEAR declines below this level, it will head towards the next support at $15.70. A successful test of this level will open the way to the test of the support at $14.25.

near h1 january 2022

Taking a look at the H1 chart, we can see that RSI has moved back into the moderate territory after the recent pullback, so NEAR has a good chance to gain more support from buyers in the upcoming hours.

Dodo Becomes the Preferred DEX to Launch on the NEAR Protocol

Dodo will debut as the NEAR Protocol’s selected decentralized exchange (DEX), a Proof-of-Stake (PoS) blockchain platform with sharding technology. The project will use the Aurora Network, NEAR’s Ethereum Virtual Machine (EVM) compatibility, and scaling solution to deploy their Ethereum-based app onto NEAR.

This one-of-a-kind investment partnership has significant implications for Dodo’s growth soon. According to Diane Dai, Dodo’s CMO, “We at Dodo are honored to have our Aurora deployment be selected as Proximity’s first major investment venture. With this ambitious funding and Dodo’s unique ‘blue chip’ advantage on Aurora, we are more prepared than ever to bring market-leading liquidity to as many people as possible.”

Proximity Makes Its First Major Investment

Proximity, NEAR Protocol’s Grant DAO, has made its first significant investment by funding the launch of Dodo. In collaboration with Proximity Labs, Dodo will contribute over $7.5 million in funding for incentives on Dodo Aurora through its $350 million DeFi grants DAO.

A $5 million liquidity mining campaign will reward liquidity providers with Dodo and Near tokens for specific trading pairs. There will also be trading rewards of up to 125 Dodo per day and 2 Dodo tokens per eligible trade. Finally, Proximity will contribute $2.5 million in Near token incentives to Near rewards.

The first phase of these reward programs was available for distribution from when the pools went live at 11:59 p.m. EST on December 26, 2021. It will be available until 11:59 p.m. Est on January 25, 2022.

Tether (USDT)/USD Coin (USDC) and Dodo/USDC are the pools for which liquidity mining rewards will be distributed with 0.1 Dodo tokens awarded per Aurora block.

Establishing a Strong Foundation

Dodo and Near tokens will also be allocated to the Dodo Incubator Fund, used to fund new projects on Aurora and Near. These tokens will provide liquidity mining incentives during the initial launch phases of these new projects. Emerging projects will find faster paths to independence and a stronger foundation for growth with more liquidity.

The CEO of Aurora, Alex Shevchenko, is very optimistic about the initiative, saying: “We’re excited to see big Ethereum players coming to Aurora to expand their businesses. I’m glad that in such a short timeframe we were able to satisfy all the technical requirements of Dodo: RPC methods, The Graph integration, and others. And now on Aurora we see one of the most influential decentralized trading protocols being fully operational.”

The launch will take place in stages over the coming months. Follow Dodo on Twitter to stay updated on the latest news.

LUNA Rocketing with $100 in Sight

Terra has seen plenty of news in recent days, supporting a bullish LUNA move. On Thursday, news of NEAR integration with decentralized payments network Terra was LUNA positive.

Terra is a public blockchain protocol deploying a suite of algo decentralized stablecoins, which underpin an ecosystem that brings DeFi to the masses.

Total Value Locked Surges on DeFi Activity

After having hit a Total Value Locked (TVL) of more than $16bn on Wednesday, Terra became the 2nd largest DeFI blockchain. Another jump in TVL has seen Terra hit a new record high TVL of $20bn. The jump in TVL this week has seen Terra surpass Binance Smart Chain to sit behind Ethereum in the number 2 spot as DeFi activity continues to surge. There’s some way to go, however, for Terra to catch up with Ethereum, which has a TVL of $160bn according to Defi Llama.

LUNA Price Action

At the time of writing, LUNA was up 2.78% to $96.86, sitting just short of Wednesday’s ATH $98.00. In the second half of the year, LUNA has surged by more than 1,370%. Technical indicators point to further upside ahead. Following a breakout from the 50 EMA on 14th December, LUNA struck its ATH before easing back. Another news driven rally on Thursday, however, has brought $100 levels back into play. On Thursday, LUNA jumped by 10.5%. A breakthrough to $100 would bring $110 levels into play near-term. We are expecting plenty of resistance at $100, however.

By ranking, the latest price surge has seen LUNA take the number 9 spot by market cap. At the time of writing, LUNA’s market cap stood at $35.19bn.

LUNAUSD 241221

NEAR Jumps by more than 20% in Response to UST Inclusion

DeFi remains a buzzword in today’s world and it’s unlikely to change any time soon when seeing how cryptos respond to positive news.

NEAR is a sharded, developer-friendly, PoS public blockchain. The team has built some of the world’s only sharded databases at scale. NEAR is looking to eliminate the barriers to Web3 adoption. NEAR’s climate-neutral blockchain is ready for explosive growth. The network runs in concert with Ethereum, Polkadot, Cosmos and more, enabling the free flow of assets and communication between networks.

NEAR and Terra

The big news was a NEAR integration with decentralized payments network Terra. Terra’s UST tokens, pegged to the U.S Dollar, are now supported on the NEAR network.

Issuance of UST on NEAR comes off the back of an existing partnership between Terra and DeFi products NearPad and Rose.

Terra’s LUNA is also on the move in response to the upbeat news, hitting an ATH 97.52 on Tuesday.

The significance and cause for price action is the fact that both NearPad and Rose will incentivise users to deposit UST

It’s been a busy week for networks. Earlier in the week, news hit the wires of UST becoming the market’s largest decentralized stablecoin. UST is now reportedly supported on Ethereum, Terrra, Binance Smart Chain, and Secret network.

NEAR Price Action

At the time of writing, NEAR was up 24.15% to $16.33 against the U.S Dollar. On 15th December, NEAR had surged to an ATH 17.80 before easing back. For the current month, NEAR is up 21%.

Expect a run at the ATH high in the coming days as investors digest the latest news and implications for NEAR.

NEARUSD 231221

LUNA Price Action

While less impressive on the day, LUNA has also been on the move in recent weeks. At the time of writing, LUNA was up 1.57% to 86.99 against the U.S Dollar. For the current month, however, LUNA is up 36%.

LUNAUSD 231221

NEAR Rallies Again, More Upside Possible

NEAR Gains Upside Momentum

NEAR has recently rallied after the token was listed on MoonPay platform. However, the coin has quickly lost momentum and moved back to the previous levels, and it looks that the move was caused by algos’ reaction to the news rather than by purchases of retail traders who tend to hold their coins for more than a few minutes.

While the initial reaction to MoonPay news was disappointing as NEAR returned to sub-$10 levels after the strong pullback, it looks that the market is ready to reconsider its view on NEAR as the coin managed to get out of the recent consolidation and is gaining upside momentum.

NEAR Looks Ready To Move Higher

near december 22 2021

NEAR has recently managed to get above the 50 EMA at $9.25 and also managed to get above the next resistance level at $10.30. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If NEAR settles above the resistance at $10.30, it will head towards the next resistance level which is located at $11.75. A move above this level will push NEAR towards the resistance at $12.65. In case NEAR gets above this level, it will head towards the next resistance at $13.20.

On the support side, a move below $10.30 will push NEAR back towards the 50 EMA at $9.25. This will be a disappointing move for the bulls as it will show that NEAR failed to gain additional momentum and its rally faded. A successful test of the support at the 50 EMA will push NEAR towards the next support at the lows of the recent consolidation at $8.20. If NEAR declines below this level, it will move towards the support at $7.60.

near h1 december 22 2021

Taking a look at H1 chart, RSI is in the overbought territory so there is a risk of a near-term pullback. However, RSI has already moved away from recent highs, and NEAR should have a good chance to continue the current upside move in case it is able to consolidate near current levels.

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