Near protocol, the powerhouse behind the base chain, has just broken out of a descending trendline on october 16, 2024, and is currently hitting $6.31. with a current tvl of $260 - that includes a whopping 17 million usdt just in stablecoin pools - plus a market cap of $7.06 billion, it’s safe to say it is one of the hottest names in the crypto game right now.

a few things to note:
1. this spike marks a significant 75% increase in tvl just in the past 10 days. that’s insane growth!
2. near’s breakout isn't just a lucky strike. the recent pattern it broke out from hints at a potential 35% rally, targeting $8.31 as the next big milestone. this breakout is backed by solid technical indicators - the rsi is above 60 and the macd is showing a bullish crossover, pointing to continued upward momentum.
3. the development activity in near hasn't slowed down either. there have been over 800 github updates in the past 30 days, showcasing the increasing interest and activity.
4. and let's not forget - open interest has shot up by 20% recently, which indicates a spike in investor interest.

in short, near's breakout is a big deal. between its surging tvl, solid technical indicators, and even more eye-popping development activity, it's clear why near is bucking the trend in the crypto space. keep an eye on this one - it’s not just another altcoin; it’s a breakthrough that could reshape the future of decentralized finance.

based on a report by blockbeats.