NEAR Protocol demonstrated strong bullish momentum, rising from $2.75 to $2.91 in a 23-hour session as institutional investors allocated fresh capital into the Layer-1 blockchain. Data from DefiLlama indicated that trading volumes exceeded 7.6 million tokens, more than double the 24-hour average, confirming robust demand. The rally unfolded in two key phases: an initial breakout past resistance at $2.85 and a subsequent surge above $2.90, where volumes spiked during the 12:00–20:00 UTC window.
In the final hour, NEAR faced rejection near a $2.94 threshold, retreating slightly to stabilize around $2.90. Technical indicators pointed to a classic resistance-turning-support dynamic at $2.76, where buyers stepped in to defend gains. Market participants noted that NEAR’s weekly active user count surged by 18.4% to 16 million, outpacing Solana and underscoring network growth alongside price action. Partnerships with Aurora Labs and infrastructure upgrades were cited as catalysts supporting long-term demand.
Institutional allocation trends revealed that portfolio managers are broadening exposure beyond Ethereum and Bitcoin, targeting scalable Layer-1 protocols with proven on-chain activity and ecosystem development. NEAR’s on-chain metrics showed sustained accumulation by smart-money addresses, while on-chain analytics firms reported growing developer activity across DeFi and NFT projects. Despite a modest pullback at 15:09 UTC, NEAR maintained higher-low formations, signaling continued bullish conviction.
Looking ahead, analysts will monitor whether NEAR can reclaim the $3.00 level, a psychological barrier that could trigger renewed momentum. Volume patterns suggest a willingness among institutional desks to support price discovery, yet broader market conditions—especially Fed policy expectations—remain key variables. If NEAR holds above $2.90 on declining volume, it may indicate temporary consolidation before another leg higher. Otherwise, failure to sustain above $2.85 could open the door to a deeper correction toward $2.76 support.
The shift toward infrastructure plays reflects a wider trend in which investors seek exposure to foundational blockchain layers with on-chain transaction growth, developer engagement, and institutional partnerships. NEAR’s recent performance positions it among top candidates for Layer-1 allocation, alongside Ethereum and Avalanche. The coming sessions will test whether institutional appetite and technological fundamentals can coalesce into a sustained uptrend for NEAR Protocol.
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