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

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Wed, 03/02/2022 - 09:04
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Arman Shirinyan
Two altcoins are leading the rally while the majority of the market cools off
NEAR Protocol Rallies by 11% in Last 24 Hours, Solana Follows
Cover image via stock.adobe.com

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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.

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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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.