• NEAR launches Chain Signature protocol, through which users can sign transactions on any blockchain with one account.
  • Chain signatures are a key step to NEAR's Chain Abstraction goal.
  • NEAR’s latest announcement could boost its price growth.

NEAR Protocol (NEAR) has seen recent buzz around its community after launching on Tuesday Chain Signatures, a multi-party computation network. With the excitement surrounding the AI token following the popularity of NVIDIA’s CEO, Jensen Huang's touch on Illia Polosukhin, co-founder of NEAR Protocol, Chain Signatures may prove a powerful narrative to push NEAR's price up.

Read more: These four Dogecoin on-chain metrics point to an exponential growth in DOGE price

Chain Signatures could support NEAR price rally

NEAR's price, alongside many other AI tokens, saw huge gains in the past weeks following anticipation for NVIDIA's AI Conference. As a leader in the AI tokens category, NEAR has posted over a 100% gain month-on-month. While its price has experienced major corrections in the last few days, the AI protocol could record gains with the launch of its Chain Signatures feature on Tuesday.

Announced at BUIDL Asia in Seoul, the newly launched Chain Signature uses an "account-based decentralized Multi-Party Computation (MPC) network, allowing NEAR accounts to control multiple addresses on various chains and ensuring that the users are the only ones who can request signatures for transactions," said NEAR.

As a result, "Chain Signatures MPC network functions as a decentralized signer for NEAR accounts and smart contracts, managing requests to addresses on different blockchains while placing zero burden on the user to manage these."

This implies that with a NEAR account, users can, for example, use their Bitcoin (BTC) to provide liquidity to a protocol on top of Ethereum without going through third-party bridges.

Also read: ICP, NEAR, Toncoin and GALA are among largest gainers amid weak market

Chain Signatures "currently supports Bitcoin, Ethereum, Cosmos chains, DogeCoin, and XRP Ledger and will soon support Solana, TON Network, Polkadot, and others." This comes off the back of NEAR Protocol's Chain abstraction goal to abstract blockchain complexities away for everyday web3 users.

"Jensen Touch" sparks AI/Blockchain narrative within NEAR's community

Additionally, the NEAR community on X has been buzzing following the launch of a Proof of Touch NFT announced on Near Protocol's X account on Tuesday. The NFT features an image from a panel session at NVIDIA's GTC 2024, where the AI giant's CEO, Jensen Huang, touched the hands of Illia Polosukhin, co-founder of NEAR Protocol.

Combined with Chain Signatures, "Jensen Touch" could be the narrative that kick-starts another rally for NEAR. "In the future, there will no longer be partnerships, just touches." commented one X user. Another commented, "this is the best intersection of AI/Blockchain."

On the daily chart, NEAR consolidated after an impulsive move that saw it reach a high of $9.01 on March 15. Considering the ongoing narrative, NEAR price could shoot up 18.5% from the current price of $7.60 and tackle the recently setup local to top $9.01. If the bullish momentum for the AI-themed altcoin remains strong it could eye a retest of the $10 psychological level as well.

NEAR/USDT 1-day chart

NEAR/USDT 1-day chart

Regardless of the narratives, investors need to exercise caution due to Bitcoin’s predicament. If BTC takes a small dip, altcoins could see a steep correction, NEAR price included.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Pepe bears eyes for double-digit correction

Pepe bears eyes for double-digit correction

Pepe (PEPE) continues to decline and trades below $0.000015 at the time of writing on Tuesday after correcting more than 22% since Saturday. The technical outlook suggests further correction ahead as momentum indicators show signs of weakness.

More Pepe News
Bitcoin fails to sustain the $109K mark after Trump’s inauguration

Bitcoin fails to sustain the $109K mark after Trump’s inauguration

Bitcoin price holds above the $100K mark on Tuesday after reaching a new all-time high of $109,588 the previous day. Santiment’s data shows that BTC prices quickly corrected, as social media showed major greed and FOMO after Trump’s inauguration.

More Bitcoin News
Three reasons why AAVE could rally in upcoming days

Three reasons why AAVE could rally in upcoming days

Aave (AAVE) price hovers around $340 on Tuesday after rallying 9% the previous day. On Monday, the Ethereum Foundation allocated 50,000 ETH worth $165 million starting first with Aave, marking an endorsement of the protocol.

More Aave News
Ripple's XRP jumps 5% as Trump taps pro-crypto Mark Uyeda as acting SEC Chair

Ripple's XRP jumps 5% as Trump taps pro-crypto Mark Uyeda as acting SEC Chair

Ripple is up 5% on Monday after US President Donald Trump announced pro-crypto Mark Uyeda as the new acting SEC Chair. The announcement follows increased buying activity across XRP spot market and investment products.

More Ripple News
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration

BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC. 

Read full analysis
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

BTC

ETH

XRP