NEAR’s Rally Prospects Are Better Off Here Than There
The NEAR Protocol has been growing significantly over the last couple of months, both as a chain and as an asset.
However, the month of May has been brutal on the crypto-market, with nearly every token crashing.
On the contrary, the chain is doing better on the DeFi front than it is in the spot market.
The total value locked, albeit still $100 million away from its peak, has recovered by more than $50 million over the last two weeks.
This is because NEAR is noting preference in the DeFi market with support from the crypto-space.
Recently, Aurora Labs, the team behind the EVM and designed to scale protocols on the NEAR chain, announced a $90 million fund to support the growth of dApps.
The NEAR Protocol has seen notable growth in the last two months, both as a chain and as an asset. However, the market has been bearish for most coins during the month of May.
As things were looking up, people looked to one crypto, in particular: NEAR. This is because it's poised to leave a mark on the crypto-space.
NEAR Protocol has not recovered from this month's crash. In fact, it has slipped further below on the charts to trade at $6.15. This is even below the $6.4-level it closed at during the 11 May crash.
However, the chain is doing better on the DeFi front than in the spot market, as total value locked has recovered by more than $50 million over the last two weeks.
NEAR is gaining popularity among DeFi providers as it has a proven track record of performance and scalability. Recently, Aurora Labs announced a $90 million fund to support the growth of decentralized applications.
NEAR is also attempting to bring attention, by initiating a fundraiser for humanitarian aid for Ukraine.
A new challenge has been announced on the Sweatcoin app. It's in partnership with Oleg Kravchenko. They are raising money for the Sweatcoin Foundation, to provide clean water to those in need.
The RSI has recovered from oversold territory, which could help propel the altcoin's upward momentum.
This might have a huge impact on the type of investors who take the Rainbow Bridge, where people normally only deposit their money, not withdraw it.
Ethereum has seen higher withdrawals recently, as the month of May began. However, throughout April, the bridge saw much higher deposits.
Waiting for bullishness from investors to become more apparent is the best strategy for investors looking to jump in on the opportunity.
The risk-adjusted returns on the top cryptocurrency by market cap are at the lowest they have ever been. This means that investors are not seeing the profits they would expect.