Main navigation

NEAR Protocol Rallies by 11% in Last 24 Hours, Solana Follows

Wed, 2/03/2022 - 9:04
NEAR Protocol Rallies by 11% in Last 24 Hours, Solana Follows
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Cryptocurrencies Near Protocol and Solana face a strong wave of buying power on the rebounding market, showing 11% and 7% growth in the last 24 hours, respectively. But the rapid price increase could have been caused by purely technical reasons, according to TradingView.


As the chart of NEAR token suggests, a more than 32% gain was observed by the market as the crypto industry faced a sudden recovery with the total capitalization exceeding $2 trillion once again. The price of the token now stays at $11 while trading at approximately $8 only two days ago.

Solana chart
Source: TradingView

Previously, U.Today reported that NEAR entered the "Alameda List" of crypto-related projects that received large funding from investors. Near held second place with $150 million funding.

MATIC, NEAR, Alliance and Other Alameda Research Picks Showed Explosive Growth in 2021

As for market performance, the explosive growth behind the token is more likely caused by the short-squeeze that was due to an overwhelming number of short orders on the market. The sudden appearance of buying power caused a cascade of liquidations.

A similar situation was observed on Solana that showed less impressive but still significant growth on the market. The Ethereum killer was able to return back above the $100 threshold and reached the local resistance line at $105.

The long-term performance of Solana, unfortunately, has been far from positive as the asset lost almost 60% of its value from the current ATH of $261. On the positive side, the downfall of the coin has slowed down significantly as it trades in the descending rangebound since the end of January. At press time, SOL trades at $104.


Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles