It’s looking like a relatively positive start to the day for the crypto asset class. Most coins and tokens are posting gains of at least a few percentage points; others are seeing healthier boosts as a result of bullish news, acquisitions or just generally higher buying. However, NEAR Protocol (CCC:NEAR-USD) is distancing itself from the pack. The coin is seeing impressive price momentum as the morning progresses, and trading volume is already much higher than yesterday’s. An announcement alongside increasingly popular DeFi play Terra (CCC:LUNA-USD) is helping to boost NEAR; now, investors are seeking out NEAR Protocol price predictions.
Even before today’s news, NEAR has been building a dedicated fanbase. The protocol underlies a layer-1 dapp development network, not unlike Ethereum (CCC:ETH-USD). What sets NEAR apart from Ethereum and other competitors, though, is the fact that it runs using community-led cloud computing. Developers claim that by hosting the network on the cloud, it doesn’t face the same restrictions in transaction volume and interoperability with other chains. This cloud computing capability also makes NEAR an apt play on the booming interest in Web 3.0; NEAR and other networks like Flux (CCC:FLUX-USD) emphasize cloud computing on the blockchain as an alternative to cloud services offered by Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL).
While NEAR is an increasingly popular investment for those interested in Ethereum alternatives or Web 3.0, news from earlier this week regarding a partnership with Terra is catalyzing substantial gains. As investors digest the news and flood the protocol with fresh capital, investors are interested in NEAR Protocol price predictions to see where their investment might be heading in the next year.
NEAR Protocol Price Predictions: Can Terra Partnership Lever NEAR Prices Higher?
Terra is a DeFi protocol that, like NEAR, has been steadily building through the latter half of 2021. It’s most known for its system for minting stablecoins; users help to keep the price of the protocol’s stablecoin pegged at $1 by constantly adjusting its supply. This is done by converting the network’s LUNA coin to the stablecoin and vice versa. The ecosystem includes a total of 13 products through which users can grow their assets. The network is proving to be a great success; it just passed Binance’s (CCC:BNB-USD) Smart Chain ecosystem in total value locked (TVL) on the network.
Investors are getting excited about NEAR this week after the network announced its partnership with Terra. Indeed, Terra will be integrating its stablecoin on the NEAR network. Now, NEAR users will be able to take advantage of Terra’s DeFi capabilities on-chain.
With this news in mind, investors are buying into NEAR heavily; transaction volume is up over 150% since yesterday when the news first broke. The coin itself is seeing a lot of green, with gains of 32% so far this morning bringing prices up to $11.39. Where might the coin be going from here? Let’s look at some NEAR Protocol price predictions:
- DigitalCoin expects NEAR to reach a price of $18.71 by the end of next year.
- Wallet Investor, in the same time period, targets a price of $16.06 for the coin.
- A much more bullish Gov Capital sees the price tripling over the next 12 months. The site is forecasting a price of $33.98.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.