The 46% Rally of Near Protocol (NEAR), Primary Reason Behind It

The post The 46% Rally of Near Protocol (NEAR), Primary Reason Behind It appeared first on Coinpedia Fintech News

In recent weeks, Near Protocol (NEAR) has taken the market by storm, experiencing an impressive 46% rally. While such price surges can leave investors wondering, a closer look at the underlying factors reveals the driving forces behind this substantial upswing.

Tiger Global Pour $350 Million In Near Protocol

Near Protocol achieved a significant milestone by securing an impressive $350 million in a recent funding round. This substantial investment, led by digital investor Tiger Global, not only fortified NEAR’s financial foundation but also played a pivotal role in boosting investor confidence.

Meanwhile, the involvement of such giant investors like Tiger Global serves as a strong endorsement, capturing the attention of both retail and institutional investors. 

However, it introduces certain risks, particularly for retail investors, who may become liquidity providers when larger players decide to cash out.

NEAR’s Strategic Partnership with Nym

NEAR took a significant step in enhancing network security with its partnership with Nym, a respected blockchain security firm. This collaboration aims to introduce end-to-end encryption and metadata privacy services within the NEAR ecosystem.

Nym, known as a “Layer-0” privacy infrastructure provider, brings its expertise in mixnet tools to the table. The primary goal is to encrypt and conceal blockchain traffic, safeguarding data during transit. 

This alliance enhances security and privacy for NEAR users, a crucial measure against unwanted surveillance, targeted attacks, and cyber threats.

NEAR Price Predictions for 2023

NEAR Protocol has maintained a consistent upward trajectory, reflecting a strong bullish sentiment in the market. 

Following a significant market upswing, the NEAR price successfully reclaimed the $1.27 mark and broke through a key resistance level at $1.1. The recent surge to $1.54, fueled by Tiger Global’s funding news, has attracted attention. 

Coinpedia has even made a price prediction for NEAR in the upcoming year, considering the prevailing market sentiments. The projected price range for 2023 is estimated to be between $1.965 and $2.7044, with an average of $2.334.

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