NEAR Token Surges 7.6% as Bitwise Unveils European Staking ETP

European investors now have a regulated way to gain exposure to the NEAR blockchain, complete with integrated staking benefits, thanks to a new product launch.

The NEAR token, which focuses on artificial intelligence applications, jumped 7.6% on Wednesday following news from asset manager Bitwise about a new NEAR staking exchange-traded product (ETP).

Over the period from July 1 to July 2, NEAR’s price climbed from $2.09 to $2.13, with a decisive breakout that pushed the token as high as $2.18 on strong trading volumes. The announcement has sparked optimism that institutional demand for NEAR could increase.

Technical Highlights:

• Between 15:00 UTC on July 1 and 14:00 UTC on July 2, NEAR-USD recorded a robust bullish reversal, advancing from $2.09 to $2.13.
• A significant breakout occurred in the early hours of July 2, as the price surged to $2.18 between 04:00 and 06:00 UTC amid exceptionally high volume—4.56 million and 3.76 million tokens traded in those respective hours, well above the 24-hour average.
• The token moved within a $0.16 price range, marking a 7.6% gain and signaling strong buyer momentum. Key support was identified at $2.02, while resistance emerged at $2.17.
• Toward the end of the session, NEAR maintained levels above $2.11, indicating the formation of a new support area that could pave the way for further gains.
• During the final hour between 13:06 and 14:05 UTC on July 2, NEAR-USD saw heightened volatility, with prices spiking between $2.13 and $2.15 before retreating slightly to $2.13.
• This trading activity established a clear resistance point at $2.15 and support at $2.13. Volume peaked at 131,013 tokens traded at 13:48 UTC, reinforcing the strength of the upward move.
• The session ended with a consolidation around $2.14, suggesting potential support at that level. NEAR closed at $2.14, reflecting a modest 0.5% gain over the hour despite mid-session fluctuations.

The introduction of Bitwise’s ETP adds momentum to NEAR’s recent price action, offering investors a regulated way to participate in both price exposure and staking rewards tied to the NEAR blockchain.