Near Protocol token price doubles over the month

The native token of the first-layer blockchain Near Protocol (NEAR) continues a monthly rally: since October 20 the asset price has doubled, trading at around $2.1.

The rally was accompanied by a surge in trading volumes. On the daily chart the index RSI entered the overbought zone.

In early 2023 the coin rose sharply to $2.7, but in March it began a prolonged decline. The local low for NEAR was reached on October 18 at $0.98. Now the altcoin has broken through the resistance level and moved sharply higher.

As of writing, NEAR’s market capitalization stands at $2.11 billion, with 24-hour trading volume reaching $400 million, according to CoinGecko.

According to NearBlocks, the number of unique addresses on the blockchain rose by 5 million over the month. The number of daily transactions in the network in recent months has remained roughly at about 1.4 million.

I said before $NEAR is going for a massive run
The development and announcements last weeks are fuelling the rally most aren’t expecting

Volume is a sign something will pop soon ?

We’ve got volume levels near ATH while price is still in accumulation range

Don’t sleep on #NEAR https://t.co/cSRannswTT pic.twitter.com/lQB5KqZlLZ

— INVESTMOX (@investmox) November 19, 2023

“We have volume levels around ATH, while the price is still in the accumulation range,” noted the Investmox analyst.

He added that the rally is driven by the project’s development and recent announcements.

Near updates

In November, the NEARCON 23 conference took place, during which the project announced a partnership with Eigen Labs to create a ‘first-level finality’ for Ethereum rollups. The initiative aims to provide fast and cheap transactions.

In addition, LayerZero announced integration with the blockchain to enable cross-chain messaging between more than 40 EVM networks.

Representatives of Near also announced an upcoming partnership with Polygon, under which they will develop a zero-knowledge proof-based solution for networks on WASM.

Subsequently the project named the winners of the hackathon held during the conference:

• Quex — an AI-based storage for the Near Grant program;
• Click — a tool for programming on the Blockchain Operating System;
• B4B — a social graph on the Near blockchain;
• Proof of Reputation — a mechanism that enables lending to users based on their activity history in the network;
• DeFi Builder — an AI assistant for writing code for DeFi projects;
• Web3 Plugin — a suite of plugins for the ecosystem;
• Magic Build — a tool for creating smart contract interfaces;
• Obrigado — a utility for performing heavy calculations, distributing tasks across multiple resource providers.

Parallel to this, Near Protocol unveiled NEAR Tasks — an AI marketplace built on the blockchain.

Reimagining AI training with #NEARTasks ?

Experience AI development empowered by human-centric innovation

AI and Web3 ?

Read more: https://t.co/GHSGjtxyKb pic.twitter.com/H90uaplbp0

— NEAR Protocol (@NEARProtocol) November 16, 2023

“This is a self-service platform where anyone can easily browse and undertake tasks in AI training, setting a new standard for high-quality data labeling,” the press release states.

The statement says the initiative aims to unite AI and Web3 to optimise data verification and governance processes. Users will be rewarded in NEAR tokens for actions on the platform.

Looking ahead, NEAR Tasks is envisioned as a broad platform for the AI community, where companies will seek contractors on outsourcing and professionals will find suitable projects.

As a reminder, in June the Near Foundation announced a partnership with Alibaba Cloud’s cloud computing division. The collaboration aims to accelerate Web3 initiatives across Asia and the Middle East.

Earlier, the blockchain developers presented the Blockchain Operation System, touted as an operating system for blockchains.