- Near Protocol (NEAR) surged over 10% in 24 hours to $4.86, joining the broader crypto rally sparked by Bitcoin's new all-time high of $80,000 following Trump's election victory.
- Near Protocol announced plans to build a groundbreaking 1.4 trillion-parameter AI model that will be 3.5 times larger than Meta's current Llama model.
- The project will be developed through the new Near AI Research hub with global contributors, while participants can begin training a smaller 500 million-parameter model starting November 10.
- Technical analysis shows NEAR breaking above $4.73 resistance with potential targets at $5.55 and $6.43, supported by a bullish descending wedge pattern breakout.
Date: Sun, Nov 10, 2024, 04:32 PM GMT
The cryptocurrency market is currently experiencing a major rally, driven by Bitcoin’s (BTC) incredible performance, breaking record highs since Donald Trump’s victory in the recent U.S. election on November 5. Bitcoin has soared to a new all-time high of $80,000, sparking a bullish wave across major altcoins.
Near Protocol (NEAR), a top token in the AI narrative, has joined the rally, surging over 10% in the last 24 hours to trade at $4.86, with a market cap now reaching $5.87 billion.
World’s Largest Open-Source AI Model
As reported by Cointelegraph, Near Protocol has revealed plans to build a groundbreaking 1.4 trillion-parameter AI model. Announced at the Redacted conference in Bangkok, this model is set to be 3.5 times larger than Meta’s current Llama model and will be developed through a collaborative effort on the new Near AI Research hub. Near co-founder Alex Skidanov presented this ambitious vision, sparking enthusiasm across the crypto and AI communities.
With contributors worldwide working on this monumental project, participants can start training a smaller 500 million-parameter model from today, November 10. This announcement has fueled excitement around NEAR, pushing it higher amid the overall bullish sentiment in the market.
Technical Outlook: Is More Rally Ahead?
NEAR’s recent breakout above the $4.73 trendline level has helped push its price to the current $4.86 level. Technical analysis shows strong support forming at this level, and if the bullish momentum continues, NEAR could be on track to test its next resistance levels at $5.55 and then at $6.43.
The chart indicates a clear breakout from a descending wedge pattern, a traditionally bullish signal that often suggests a reversal in the downtrend. With the RSI currently around 60, NEAR still has room to grow before entering overbought territory, adding to the potential for further upside.
If NEAR successfully breaks above $5.55, it could pave the way for a sustained rally toward $6.43. However, if it fails to maintain the momentum and falls back below $4.73, it may consolidate or retest lower support levels before attempting another move upward.
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