Important points
What is driving the recent surge and bullish momentum in NEAR Protocol?
Record trading volumes, whale accumulation, and strong buyer dominance across the market are fueling the rally.
Will NEAR be able to break through the resistance and grow profits?
Yes, NEAR could target the $3.8 to $4.0 range if buying pressure and ecosystem growth continue.
NEAR protocol [NEAR] We’re breaking barriers again. In the past 24 hours alone, the token has risen significantly by over 12% and is back down to 4% at the time of writing.
Not only that, the trading volume of tokens has also skyrocketed to an all-time high. According to a recent Token Terminal report, the token’s weekly trading volume hit $626 million.
This continuous surge It highlights NEAR’s growing enthusiasm for ongoing ecosystem development.
Source: Token Terminal
NEAR whales on the move
In addition to the spike in trading volumes, analysis of AMBCrypto’s spot average order size data reveals that NEAR whales are actively accumulating large orders.
This accumulation appears to have been strategically timed to coincide with a recent surge in trading activity.
Source: CryptoQuant
Buyers take back control
In the derivatives market, futures 90-day taker CVD data shows a significant rise in the dominance of token buyers. This surge reflects new accumulation across spot and derivatives markets.
Buyers’ advantage is reinforcing NEAR’s current bullish technical setup.
At the time of writing, the token was testing the $3.2 resistance level, a barrier that has repeatedly halted gains in recent weeks.
If the buying momentum continues at this pace, NEAR could break through this resistance level and turn it into a support level, paving the way for a sustained rally.
Source: CryptoQuant
Strong fundamentals further strengthen bullish outlook
Beyond the technical setup, NEAR’s fundamentals remain impressive. Investor sentiment has increased in recent weeks due to growth in ecosystem activity, developer expansion, and increased trading throughput.
Most recently, the token was integrated into Thorwallet just a week after the halving event. Post-development oscillations are still visible in altcoin price fluctuations.
Still, investors should be wary of volatility around the $3.2 resistance level. There have been several rejections in the past in key liquidity zones.
Additionally, NEAR’s socastic RSI is in overbought territory at the time of writing, indicating the possibility of a short-term price correction. However, a clean break above the resistance zone could open the door for a move towards the next major target around $3.8-$4.0.
Source: TradingView
Also, NEAR’s momentum is far from over.
Token trading volumes are at an all-time high, and buyers are regaining control. If the bullish momentum holds, the next few days could be the decisive tipping point for the token’s next big rally.