The public chain NEAR rose to touch $8, and analysts predict that the price is about to rise, can it reach $10?

NEAR, the native token of the NEAR protocol, a Layer 1 (L1) public blockchain, has seen significant gains since the end of 2023, rising significantly in this bull run. As the price of Bitcoin continues to soar, with the price of NEAR soaring by more than 130% in the past month, analysts predict that the bullish momentum is not over yet.

At the end of 2023, the NEAR token performed well, doubling in price in mid-December. Since then, the cryptocurrency market has been pushed to the heights of the last bull run.

NEAR continues to grow in tandem with the market, and crypto analyst Altcoin Sherpa believes the token's gains are far from over. In a X (former Twitter) post, the analyst shared a chart showing NEAR's performance over the past few days. This performance shows that the coin has been fluctuating between the two levels since yesterday.

Altcoin Sherpa's chart shows that the price range for NEAR has hovered between $6.7 and $7.17 over the past 24 hours. As analysts emphasize, this is the upcoming "consolidation of the next round of growth".

Previously, Sherpa warned that the $6.9 price level was "the danger zone is approaching." However, the coin broke above that resistance level over the weekend.

In addition, crypto trader and analyst Rekt Capital shared a chart showing NEAR revisiting its multi-year macro downtrend. A break above this level will further boost the bullish momentum, pushing the price back into the $20 all-time high (ATH) resistance zone.

NEAR has been keeping a close eye on Bitcoin's price performance over the past week. As you can see, over the past 24 hours, the price of the coin has closely followed the movement of the flagship cryptocurrency.

NEAR is trading at $7.3, up 4.2% in the past hour. The token's price has increased by 67.8% and 83.1% over a weekly and bi-weekly period, respectively.

Crypto trader Doctor Profit expects NEAR to reach $10 soon, as his previous prediction of the coin reaching this price by the end of the year seems closer than expected. The token price of $3 easily doubles in a matter of days. This suggests to analysts that NEAR's next target, $10, will soon be achieved.

As the optimistic forecast continues, the token's market cap reached $7.74 billion, up 7.7% on the last day. According to the data, according to this indicator, NEAR ranks among the top 20 largest cryptocurrencies and is currently ranked 19th.

However, the daily trading volume has dropped by 20% in the last 24 hours, with a trading volume of $993.5 million. This suggests that despite the good performance and community support, there has been a recent decline in market activity.

(Source: Rubmar Garcia)