Can NEAR Protocol Price Smash $7 Mark After Breakout?

The NEAR protocol price has displayed a symmetrical triangle in a daily time frame. The price has been struggling between two converging lines

The NEAR Protocol (CRYPTO: NEAR) price is displaying a breakout from a falling wedge pattern in a broader time frame. It has also formed a symmetrical triangle and is currently trading in its breakout zone.

After a successful breakout from the triangle, NEAR could gain 40%. Could the NEAR price rise to $7 as a result of rising total value locked (TVL), increased open interest and Bitcoin’s smart contract integration?

Can NEAR Protocol Price Smash $7 Mark After Breakout? The NEAR protocol price on a daily chart displays a symmetrical triangle. As the price continues to trade within two converging lines, buyers and sellers are battling it out.

The NEAR price is expected to trade within a narrower range as these lines converge. It could lead to a breakout either on the upside or the downside.

Afterward, buyers might step in once the NEAR price begins trading above the 200-day EMA. They could trigger a breakout from the triangle. If the price breaks above the $5.5 mark, it can quickly rally to $7 in the next few days or weeks.

However, selling pressure could be observed if the NEAR crypto price slips below the $4.25 level. It might be difficult for buyers to bounce back once the price starts trading below the $3.50 mark.

NEAR Protocol Improves Integration with Bitcoin NEAR Protocol recently tweeted that it is making significant progress with Bitcoin not only by utilizing the native version of BTC.

However, Bitcoin also has other versions like wBTC, tgBTC, cbBTC, and kBTC that can be utilized thanks to its integrated smart contract capabilities.

The platform can function smoothly within NEAR’s ecosystem, all the while still using Bitcoin’s base layer.

NEAR’s Chain Signatures technology removes the hassles of managing multiple Bitcoin versions. Doing so gives developers and users a more flexible and integrated experience.

By combining the programmability of NEAR’s blockchain with the decentralized security of Bitcoin, NEAR Protocol is establishing itself as a pioneer in enhancing Bitcoin’s utility within the larger crypto ecosystem.

Open Interest Indicates Growing Involvement The green bars on an OI chart indicate a steadily rising indicator of the derivatives market’s increasing activity.

An increase in OI with each candle indicated more capital being drawn into NEAR futures contracts. This usually signaled a derivatives market that is heating up.

Over the past 24 hours, NEAR Protocol’s open interest has increased by 4.80%. One explanation for the recent spike in OI could be the increased faith in NEAR’s long-term prospects.

This could be attributed to the protocol's improving fundamentals, such as its expanding ecosystem and upcoming developments.

As a result, investors may have flocked to NEAR futures to capitalize on the anticipated price appreciation.

However, it is important to note that a decrease in OI with each candle, as indicated by the red bars on the chart, signaled the opposite trend.

When this occurred, it usually indicated that the derivatives market activity was slowing down.

For instance, if the NEAR crypto price were to slip, it could lead to a decrease in OI. This might indicate that investors are losing faith in NEAR’s potential for further price increases.

NEAR’s Total Volume Locked (TVL) and Liquidity Trends The NEAR Protocol’s Total Value Locked (TVL) is currently at $242 Million.

This marks a 34.44% increase from early August figures, indicating a substantial rise in capital within NEAR’s ecosystem.

A significant increase in TVL suggested that more assets are being staked and invested, showcasing the high level of market interest in the protocol.

This bodes well for NEAR’s price, as it could continue to attract investors and drive up its value in the coming days or weeks.

However, a decrease in TVL might hamper NEAR’s price. This could occur due to several reasons, such as users withdrawing their assets or protocols losing their users’ interest.

When this happens, it usually leads to lower prices for the protocol’s native token.