Can NEAR price break all-time highs with the launch of its USN stablecoin

• NEAR recently launched its stablecoin USN on its public test network, driving demand among investors. 

• Proponents have noted a spike in trade volume and on-chain activity of NEAR protocol following the launch of the stablecoin. 

• Analysts have predicted a NEAR price rally and noted bullish indicators on the token’s chart. 

NEAR Protocol, one of the most commonly held cryptocurrencies among funds in Q3 2021, has witnessed a rise in the trade volume of its token. NEAR holders are awaiting the token’s listing on Coinbase in anticipation of the “Coinbase Effect,” where the listed asset’s price climbs exponentially. 

NEAR prepares to climb higher 

NEAR token is considered one of the few commonly held cryptocurrencies by funds as of Q3 2021. Investors are now awaiting the protocol’s ERC-20 token’s listing on Coinbase to trigger a rally in NEAR price. 

NEAR’s launch of its stablecoin USN on the public test network has fueled a bullish narrative among investors. Over the past week, the news of NEAR’s stablecoin launch was doing the rounds with no fixed timeline for the project’s successful completion. 

The launch of NEAR’s stablecoin puts the protocol in direct competition with Terra’s UST. The resulting speculation has pushed the token’s price close to its resistance. 

With the stablecoin’s arrival on the testnet, proponents are awaiting the next big update, a listing on one of the world’s largest crypto exchanges. 

Analysts have evaluated the NEAR price trend and revealed a bullish outlook on the token. Analysts at Deribit Insights believe the NEAR price chart is an example of underperformance in a structurally sideways market. Analysts observe that NEAR has proven a winner over most Ethereum layer-1 solutions since April.

@Crypto_McKenna, a pseudonymous crypto analyst, believes NEAR could hit a new all-time high following the current consolidation.