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NEAR stock continues to rise despite the market’s 2% decline todayAccording to Queen GeckoNEAR, the platform’s native token, has gained nearly 23% since last week. This is largely due to positive on-chain developments, showing that the altcoin has enough strength to hold on to its current position within the market.
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NEAR recently announced the deployment of Nightshade 2.0, NEAR’s “new hash design,” on the platform’s mainnet, improving on the already robust and reliable system that users have enjoyed for years.
Nightshade 2.0 Brings New Light to Investigators
According to a recent study Blog postThe network upgrade introduced stateless verification, the protocol’s new hashing architecture. This new architecture has improved the performance of single-chip networks. Six chips have already been deployed in the NEAR network, with a target of ten chips by the end of the year.
It also lowers the hardware requirements needed to become a detective. Nightshade 2.0 has improved the detective experience by removing the need to track all NEAR shards, which has spurred the growth of the detective side of cryptocurrency.
“In particular, the new sharding implementation paves the way for a significant increase in the coin’s already fast transaction rate,” said Bowen Wang, head of protocol at NEAR One.
According to Ilya Polosokin, co-founder of the NEAR Protocol and CEO of the NEAR Foundation, the network upgrade fixes “the fundamental bottleneck problem with most L1s on how to scale while maintaining both usability and security.”
The rejection candle forms a signal of the beginning of the imminent correction phase.
With the market sliding in today’s trading activity, NEAR is currently trading in a red candle as the token was rejected by the $5.2 ceiling, turning the momentum to the bears in the near term. This should make losses inevitable in the near term.
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With the market downturn turning the momentum in favor of the downside, the cryptocurrency’s performance will continue to be impacted if the downturn continues. However, the recent developments in NEAR may slow down the fear, uncertainty, and doubt as the recent development helps the network grow in the long run.
Once the Nightshade Effect matures, NEAR will have a solid foundation for investor confidence.
At the moment, there are two possible paths that NEAR stock could take in the medium term. If the market recovers from the current decline, it is likely to break the $5.7 level in the coming weeks. However, if the decline continues to worsen day by day, NEAR stock could return to the $3.8 level, and in the worst case scenario, it could reach the $3.0 level if the situation worsens.
At the moment, investors should be cautious by monitoring the broader market movement as any volatility can impact the altcoin’s performance.
Featured image from Rebank, chart from TradingView
