NEAR Protocol Sees Strong Institutional Buying as Price Jumps Nearly 7%

NEAR Protocol recorded impressive trading volume of 5.82 million units over the past 24 hours, pointing to sustained institutional interest and accumulation above crucial resistance levels.

The token climbed 6.7% in the past day, as altcoins began to heat up in the wake of bitcoin’s surge to a new all-time high near $123,000.

NEAR rose from $2.55 to $2.66 during the period, marking a price swing of approximately 7%. Solid support at $2.51 held firm, paving the way for a breakout at 01:00 UTC that lifted prices as high as $2.69 over the next four hours.

Despite the recent rally, NEAR still trades well below its 2024 peak of $9.00—a level reached amid last year’s fervor around AI-related tokens following launches of popular applications like ChatGPT.

Technical Highlights:

• Strong support anchored at $2.51 during consolidation phases
• Persistent buying pressure above the $2.62–$2.64 zone, now acting as support
• Series of higher lows suggests steady upward momentum
• Sharp V-shaped recovery confirmed by a spike of 143,188 units in volume
• Breakout above $2.67 signals potential for further bullish continuation
• Next resistance levels are seen at $2.70–$2.72

NEAR’s latest gains underscore growing optimism in the altcoin sector as traders look for opportunities beyond bitcoin’s record highs.