- \n
- NEAR surged 16.61% in seven days as altcoins suffered from high sell-offs.<\/em><\/li>\n
- NEAR Protocol affirmed its commitment towards the unification of blockchain and AI.<\/em><\/li>\n<\/ul>\n
While most altcoins have experienced a downtrend alongside Bitcoin [BTC]<\/a>, which declined to a recent low of $60.777.32, Near Protocol [NEAR]<\/a> has become more assertive. <\/span><\/p>\n
With the continued development and increased adoption of AI, all AI-themed tokens have experienced sustained growth. <\/span>Thus, although the crypto market is suffering from a decline overall, NEAR has continued to surge.\u00a0<\/span><\/p>\n
What\u2019s driving NEAR\u2019s surge?<\/h2>\n
A recent surge can be attributed to the increased adoption of AI and its collaboration with blockchain companies. This is evidenced by recent remarks by <\/span>NEAR Foundation COO<\/span><\/a> Chris Donovan. <\/span><\/p>\n
In his remarks, he said,<\/span><\/p>\n
\n
\u201d The solution\u2026 is the unification of Blockchain and AI.\u201d<\/span><\/p>\n<\/blockquote>\n
He further said,<\/span><\/p>\n
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\u201cWe think that creates a possibility for a world where user\u2019s wellbeing can be optimized for.\u201d<\/span><\/p>\n<\/blockquote>\n
In addition to AI integration, recent developments for AI giant Company NVidia have influenced the recent NEAR price surge. <\/span><\/p>\n
According to the report, Nvidia has become the most valuable company in the world after surpassing Microsoft, with a market cap of $3.3T.<\/span><\/p>\n
Also, according to X (formerly Twitter)<\/span> user PlanetaVeNEARa,<\/span><\/a>\u00a0<\/span><\/p>\n
\n
\u201cIn the last month, NEAR Protocol\u00a0 has reclaimed the top spot in the number of users among blockchains, boasting 16.3M addresses\u201d.<\/span><\/p>\n<\/blockquote>\n
These recent developments in AI technologies and integration within the NEAR protocol have undoubtedly raised NEAR prices.<\/span><\/p>\n
NEAR Positive Fundamentals<\/span><\/h2>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/NEARWhales.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
AMBCrypto\u2019s analysis of Santiment showed that NEAR was well-positioned towards a bullish trend. <\/span><\/p>\n
For instance, the percentage of stablecoin total supply held by whales, which is more than $5M, has surged from $52M to $54M in the last seven days. <\/span><\/p>\n
This showed a whale accumulation phase as they prepare to deploy capital into the market. Higher accumulation by whales leads to a price surge and a bullish market sentiment.<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/NEAR-LIq.png\")
<\/a><\/p>\nSource: Coinglass<\/p>\n<\/div>\n
Equally, our analysis of Coinglass showed a short squeeze scenario, with short sellers trying to cover their positions to limit losses in the last 24 hrs. <\/span><\/p>\n
These result from unexpected price increases leading to higher buying pressure, thus increasing prices.<\/span><\/p>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/MFI.png\")
<\/a><\/p>\nSource: Tradingview<\/p>\n<\/div>\n
The MFI (Money Flow Index) shows a surging buying pressure. At press time, NEAR reported an MFI of 59, which showed an increase in buying more than selling. <\/span><\/p>\n
Higher buying pressure leads to increased prices, as the daily charts indicate.<\/span><\/p>\n
- NEAR Protocol affirmed its commitment towards the unification of blockchain and AI.<\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/SMA.png\")