Near protocol (NEAR) jumps 22% following Nvidia, Alibaba partnership

Artificial intelligence cryptos stole the show today as Bitcoin retraced from the crucial resistance at $64K. The total market capitalization of all AI digital assets increased by 10.7% in the past day to $29.9 billion, with 24-hour trading volume above $2.5 billion, according to CoinGecko data.

Source – CoinGecko

While the Fed-triggered market rebound contributed to bullish actions in the AI crypto sector, the latest collaboration between Nvidia and Alibaba Cloud (on 21 September) added to the optimism. The giants joined forces to advance autonomous driving in China.

OVER THE WEEKEND ALIBABA’S CLOUD UNIT ANNOUNCED A COLLABORATION WITH NVIDIA $BABA$NVDA

Generally, AI-related tokens soar significantly amid developments associated with the tech giant Nvidia.

Besides Nvidia updates, AI assets flourished after US presidential aspirant Kamala Harris confirmed plans to create a lucrative atmosphere for AI and cryptocurrencies in the United States.

NEAR leads the upside

Near Protocol emerged as one of the top gainers as AI cryptos lead the market recovery. The altcoin jumped from a weekly low of $4.309 to press time prices of $5.25, translating to a 21.84% increase within a week.

NEAR displays robust upward momentum, with the improved trading volume indicating massive investor interest and confidence in continued surges.

Technical indicators support the bullish narrative. NEAR broke out from a declining channel setup, confirming trend reversals. Moreover, the completion of a double-bottom pattern hints at an impending rally.

The prevailing surge nears the pattern’s neckline at $5. Further, the 10% increase in the past day prints a bullish, engulfing candlestick.

Near approaches 1 million user accounts

Near Protocol sees significant adoption amid recovering prices and broad market surges. The project’s unique accounts have increased from below 700K to 990,440 this month, underscoring enormous attention from new participants.

Source – Near Protocol

Also, the transaction fees have skyrocketed from $13,017 on 22 September to $20,379 amid an uptick in user activity. The increase in unique accounts and transaction fees underscores a healthy ecosystem, supporting stable growth in the upcoming sessions.

Investors bet on extended uptrends

Coinglass data suggests elevated interest in Near Protocol. The altcoin’s Open Interest climbed from 17 September lows of $138.25M to $244.35M. The remarkable increase reflects active accumulation as enthusiasts expect more gains.

The Open Interest uptick corresponds to the over 100% increase in the token’s 24-hour trading volume, highlighting raised investor enthusiasm.

NEAR’s current price action

The alt changes hands at $5.25, painting its 24-hour chart green as bulls dominate. Near Protocol seems ready for extended gains before potential retracements. Fibonacci levels show substantial resistance zones at $38,20 ($5.32) and 50% (5.89).

Source – Coinmarketcap

Overcoming these hurdles will open the doors to $6. However, failure to conquer the obstacle at $5.30 could trigger dips towards $4.62.

Bullish updates in the AI world and broad market surges will propel NEAR prices in the up-and-coming sessions.

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