NEAR Price Experiences Volatile Swings Amid Increased Institutional Demand
On August 12, NEAR Protocol experienced notable price fluctuations. Key points include:
- Prices rose from $2.643 to $2.678 before a sell-off dropped the value to $2.634.
- Heavy trading volume exceeded 200,000 tokens per minute during the decline.
- Resistance was found between $2.675 and $2.680, while support held at $2.630–$2.635.
- In the previous 24 hours, NEAR recovered from $2.57 to $2.73, indicating strong buying interest.
- $572 million in global inflows into digital asset products occurred last week, including $10.1 million for NEAR.
- U.S. policy changes now allow digital assets in 401(k) plans, contributing to $1.57 billion in late-week inflows.
- Technical analysis shows resistance around $2.68–$2.73 with robust support at $2.57–$2.59.
Technical indicators highlight:
- Resistance is strengthened by high-volume trading above the 24-hour average of 2.73 million.
- The $2.57-$2.59 support zone has been tested successfully multiple times.
- A significant drop occurred between 13:38 and 13:49, where NEAR fell from $2.67 to $2.63.
- Profit-taking was observed at the established resistance zone of $2.68-$2.73.
- Support remains critical at $2.63-$2.64, with the session ending at $2.644 following a low-volume rebound.