Near Protocol (NEAR) Price Prediction: Will NEAR Hit $10 as Golden Cross Emerges?

The Near Protocol price action chart saw significant movements as the NEAR/USDT pair broke through and retested a major trendline.

The price of Near Protocol (CRYPTO: NEAR) continued its impressive ascent on Monday, breaking through and retesting a major trendline to amplify bullish sentiments among traders.

A closer examination of the daily chart reveals a significant support-turned-resistance flip at the $5.10 mark. This level acted as new support after NEAR's upward trajectory, setting the stage for future price movements.

Adding to the optimism, a golden crossover occurred on Sunday, a bullish signal where the short-term moving average crosses above a longer-term moving average, in this case, the 13-day EMA.

This event typically indicates the potential for substantial price increases and captures traders' attention, suggesting a growing confidence in the asset's performance.

The retest of this trendline, coupled with the golden cross, painted a promising picture for NEAR. The volume and price action suggested that the asset was gaining momentum, potentially targeting the $10 mark.

As NEAR garners more interest, the market will be keeping a close watch on its next moves. The technical setup at press time indicated a strong uptrend could be in store.

Near Protocol's Strong Uptrend Continues In Key Price Trend, Awaiting Potential Breakout At Upper Bollinger Band

Fresh analysis on the daily chart pointed towards a possible continuation of NEAR Protocol's impressive performance in the crypto market.

According to Seth, a renowned crypto analyst, NEAR has consistently maintained its upward trajectory within a well-defined rising channel, which has been intact since early 2023.

The Relative Strength Index (RSI), a key indicator of momentum, bottomed out and was trending upwards, suggesting increasing buyer interest and potential for continued price gains.

The moving averages provided solid support, reinforcing bullish signals. The NEAR price recently rebounded off those averages, indicating a healthy uptrend.

Moreover, weekly buy signals for NEAR have held firm, highlighting sustained investor confidence in the token's growth potential within the crypto sector, especially in applications tied to AI.

As NEAR approaches the upper boundary of its channel, market watchers are expecting a possible breakout.

If this trend continues, the Near Protocol crypto price could reach new heights, even testing the $16 resistance level in the coming months.

This optimistic outlook is bolstered by NEAR's consistent performance and strengthening fundamentals in the crypto AI space, where it makes significant strides.

Grayscale Decentralized AI Fund Prefers Near Protocol Crypto, Allocating Over 30%

In other related news, the Grayscale Decentralized AI Fund showed its preference for the Near Protocol by allocating a substantial 31.2% of its portfolio to NEAR.

This positioning suggests Grayscale's confidence in NEAR's capability within the blockchain AI sector. Following closely behind was Bittensor (CRYPTO: TAO) with a 24.55% share, highlighting its relevance in the same space.

Interestingly, Filecoin (CRYPTO: FIL), which is typically known for its data storage solutions, captured a significant 17.18% allocation.

This move seems to indicate a strategic diversification into decentralized storage solutions for AI applications.

Lesser yet notable allocations went to Render and The Graph, at 16% and 11.07%, respectively.

While Render operates on Solana (CRYPTO: SOL) and contributes to the GPU rendering space, which could complement AI processes, The Graph supports indexing and querying data across blockchains.

This capability is crucial for decentralized AI functionalities, enabling efficient access to relevant information.

This distribution not only reflects a bullish stance on these technologies by Grayscale but also showcases a strategic investment pattern, aiming to enhance AI capabilities across various blockchain platforms.

The diverse allocations suggest Grayscale's approach to capitalizing on different aspects of AI and blockchain integration.