NEAR Protocol Rebounds 6.9% After Institutional Inflows and Volatility
NEAR Protocol experienced a 0.7% increase between 11:10 and 12:09 UTC on Thursday, recovering from a brief dip to $2.77 during a volatile trading period with notable institutional inflows. The token fluctuated between $2.79 and $2.77, indicating consolidation near $2.78 before a selloff and rapid recovery.
The rebound followed a spike in volume, with over 123,000 units traded after 12:01, surpassing resistance levels and suggesting accumulation by large players. This movement contributed to a broader 6.9% increase from an overnight support of $2.61 to a close at $2.79, driven by heightened volatility and renewed bullish sentiment.
Analysts anticipate a test of the $2.83 resistance level, with long-term projections placing NEAR between $1.95 and $9.00 for 2025, and potentially up to $71.78 by 2030. Continued development of cross-chain bridging with Solana and TON is expected to attract institutional interest and drive price growth.
Technical Breakout Signals Bullish Momentum
- $0.22 trading range indicates 8.50% volatility between $2.83 maximum and $2.61 minimum over a 23-hour period.
- Strong $2.61 support level confirmed with volume exceeding 3.18 million daily average.
- Recovery from $2.69 to $2.79 targets a breakthrough of the $2.83 resistance zone.
- $2.78 consolidation precedes a sharp test of $2.77 support during mid-session volatility.
- Exceptional volume of over 123,000 units during the final hour confirms institutional accumulation.
- Multiple resistance levels broken during recovery establishing new session highs at $2.79.