Prediction Market Kalshi Adds NEAR Support for US Users, Momentum Heats Up

Source: CryptoNewsNet Original Title: Prediction Market Kalshi Adds NEAR Support for US Users, Momentum Heats Up Original Link:

Key Highlights

• The integration provides NEAR tokens with additional utility as a trading currency on one of the largest prediction markets.
• NEAR trades at $1.89 near year-long support levels, with analysts suggesting potential upside to resistance zones around $3.
• NEAR Intents protocol recently surged from $2 billion to $6 billion in volume within 45 days, showing strong ecosystem growth.

Kalshi Integrates NEAR Protocol

Kalshi, one of the leading prediction markets by traded volume, has added support for the Near Protocol, enabling NEAR token deposits and withdrawals for US users, with plans to add global coverage soon.

The announcement happened on November 25 via a post on X by the Kalshi Ecosystem account, shared by the Near Foundation-controlled account, and both received support from both Kalshi and NEAR communities.

With this implementation, US traders can now use NEAR as a currency to place and collect their bets on Kalshi, adding utility and exposure to the project while benefiting Kalshi with more potential users and indirect integration into the NEAR Intents ecosystem.

Prediction markets have been increasing their mindshare and importance, especially among cryptocurrency users. As reported, Google integrated Kalshi and Polymarket data into search results on November 5, while Polymarket carved two exclusive partnerships: one with the UFC, reaching 700 million fans, and the other with Yahoo Finance, for insights via odds-based forecasting on real-world events.

NEAR Price Analysis

As of this writing, the native token, NEAR, is trading at $1.89, in the lower edge of a year-long support zone. This level has been marked by strong buying pressure in the past, often sending the price back to a year-long resistance zone between $3.05 and $3.35.

Professional trader and investor Michaël van de Poppe considers this a good entry point, saying “NEAR is a steal” at these prices. Nevertheless, the token is prone to other market conditions that could affect its performance, including Bitcoin price action and macroeconomics.

NEAR Intents Ecosystem Growth

This recent Kalshi integration sums up NEAR’s recent movements and momentum, with the intent-based, chain abstraction protocol having seen expressive growth in volume and revenue, attracting eyes and commentary from prominent figures in the industry.

Indeed, the protocol has seen impressive growth, going from $2 billion to $6 billion in volume in less than 45 days. On October 30, NEAR Intents approached $3 billion in volume.

Bitwise CEO highlighted the protocol’s volume growth as “an impressive ramp.” Additionally, fee growth has been significant, with accumulated fees crossing the $10 million mark, according to data from the NEAR Intents Dune Analytics dashboard.

Additional Developments

Besides the Kalshi integration, the NEAR AI TEE solution was recently implemented by the chromium-based, privacy-focused browser Brave, as announced on November 20.

Disclaimer: This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, verify information independently and consult with a professional before making any decisions based on this content.