NEAR Protocol Explodes by 46%: What’s Driving the Rally?

 Near Protocol Price Prediction

Story Highlights
  • Near Protocol (NEAR) rallies 46% on $350M funding and Nym partnership.

  • NEAR price breaks through key resistance levels and surges to $1.54.

  • Coinpedia predicts NEAR price to reach $1.965 - $2.7044 in 2023.

In recent weeks, Near Protocol (NEAR) has made a significant impact in the market with a remarkable 46% rally. While this substantial price increase might seem a bit puzzling to investors, let’s delve deeper into what’s driving this impressive surge.

$350 Million In the Bag!

Near Protocol recently achieved a major milestone by securing a whopping $350 million in a funding round. This substantial investment, led by digital investor Tiger Global, has not only strengthened NEAR’s financial foundation but has also boosted investor confidence significantly.

Meanwhile, the involvement of such giant investors like Tiger Global serves as a strong endorsement, capturing the attention of both retail and institutional investors. 

Nevertheless, this also introduces certain risks, particularly for everyday investors who might find themselves acting as liquidity providers when larger players decide to cash out.

Also Read: Near Protocol Price Analysis: Is The NEAR Price Downtrend Over? Will It Rebound Soon?

NEAR’s Strategic Partnership with Nym

NEAR took a significant step in enhancing network security with its partnership with Nym, a respected blockchain security firm. This collaboration aims to introduce end-to-end encryption and metadata privacy services within the NEAR ecosystem.

Nym, known as a “Layer-0” privacy infrastructure provider, brings its expertise in mixnet tools to the table. The primary goal is to encrypt and conceal blockchain traffic, safeguarding data during transit. 

This alliance enhances security and privacy for NEAR users, a crucial measure against unwanted surveillance, targeted attacks, and cyber threats.

NEAR Price Predictions for 2023

NEAR Protocol has maintained a consistent upward trajectory, reflecting a strong bullish sentiment in the market. 

Following a significant market upswing, the NEAR price successfully reclaimed the $1.27 mark and broke through a key resistance level at $1.1. The recent surge to $1.54, fueled by Tiger Global’s funding news, has attracted attention. 

Coinpedia has even made a price prediction for NEAR in the upcoming year, considering the prevailing market sentiments. The projected price range for 2023 is estimated to be between $1.965 and $2.7044, with an average of $2.334.


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