NEAR Token Pullback
The NEAR token experienced a pullback for two consecutive days following the recent Nightshade 2.0 launch on mainnet and as traders anticipate the upcoming Nvidia earnings. NEAR retreated to $4.83 from last week’s high of $5.22, still maintaining a position slightly above the 50-day moving average and up 57% from its lowest point this month.
NEAR DeFi Inflows Surge
Examining Near’s ecosystem reveals a surge in decentralized finance (DeFi) inflows across various dApps. Burrow, a lending marketplace similar to AAVE, witnessed a 23% increase in inflows over the last week, totaling $160 million. Additionally, liquid staking apps like Linear Protocol, Meta Pool, Here Wallet, and AllStake experienced over a 25% increase in inflows during the same period. The total value locked (TVL) in Near Protocol has reached over $654 million, marking its highest level since July.
Nvidia Earnings Impact
Traders are closely monitoring Nvidia’s upcoming earnings report scheduled for Aug. 28, as it is anticipated to provide key insights into the AI industry’s growth trajectory. Analysts expect Nvidia’s quarterly revenues to surpass $28.7 billion, exceeding its 2022 earnings. Near Protocol has positioned itself as a leading blockchain for AI developers, offering innovative frameworks and solutions, with a market cap of $5.3 billion, making it the largest AI-focused blockchain according to CoinGecko.
NEAR Token Downtrend Analysis
Despite a 57% increase from its August low, the NEAR token remains in a downtrend pattern. It is currently below the descending channel’s upper boundary, indicating a potential retest of support at $4. The token has been forming lower lows and lower highs, suggesting a continued downtrend unless a bullish breakout occurs above the descending trendline.
