What to know:
- NEAR holds key support as analysts watch for a bullish breakout.
- NEAR’s mainnet upgrade adds quantum-safe signing and dynamic resharding.
- The NIST-approved signature scheme strengthens NEAR’s quantum-resistant security.
NEAR Protocol (NEAR) is holding key support while consolidating, with analysts watching for a breakout to confirm renewed bullish momentum for the NEAR price. Meanwhile, its latest mainnet upgrade strengthens network security with quantum-safe technology and improves scalability through dynamic resharding, supporting future ecosystem growth.
At the time of writing, NEAR is trading at $1.81 with a 24-hour trading volume of $143.17 million and a market capitalization of $2.35 billion. Despite the 3.79% loss over the last 24 hours, the NEAR price structure and network upgrade point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: NEAR Price Breakout Signals a Strong Recovery Toward $2.50 Target
NEAR Price Holds Support, Eyes Breakout to $2.56
According to the crypto analyst Michael van de Poppe, the NEAR price is currently experiencing a period of calmness, following an exact retest of an important support level at around its previous lows.
This has been followed by some sideways price action, characterized by lower volatility, showing that the market is balanced with sellers trying to hold the support level despite the calmness around the asset.
Source: Michaël van de Poppe’s X Post
A number of analysts regard the prolonged period of low volatility as an interim phenomenon, predicting that the momentum will return as activities increase.
If there is growth in demand for the NEAR price and the resistance level of $2.56 is broken, the current consolidation may be followed by another bull run.
NEAR Mainnet Upgrade Brings Quantum Security
The data from NEAR Protocol further highlighted that the network has successfully completed its latest mainnet upgrade, which has introduced quantum-resistant signatures and dynamic resharding to enhance security and scalability.
With the current development, NEAR is one of the early movers towards deploying a production-grade post-quantum signature system that has been approved by NIST.
Source: NEAR Protocol’s X Post
Dynamic resharding is made possible by this upgrade, and the network will be able to scale itself automatically based on the increasing number of transactions.
With more efficient workload distribution, NEAR is looking to improve its performance without any manual action required. All this makes the blockchain better prepared for stability, scalability, and development further on down the line.
Despite the bullish price predictions and network’s mainnet upgrade, the NEAR price is still moving in a downward direction. This move is also backed by the general trend in the crypto market as Bitcoin is moving downward.
What Happens Next?
If the NEAR price continues to receive its vital backing as the buying strength rises, any breakout above the resistance levels can ignite an even stronger rebound and affirm the bullish move.
Adoption of the quantum security and dynamic resharding capabilities offered by NEAR can continue to bring in new users and developers, thus sustaining long-term growth for the asset.
Also Read: NEAR Price Eyes $2.50 After Bullish Technical Signals and AI Expansion
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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