NEAR Protocol

Million

<ul class="list-ic vertical">
 <li><span>1</span> <a>The NEAR Protocol (NEAR) price sharply breached the $8 mark hurdle.</a></li>
 <li><span>2</span> <a>Buyers have gained traction and are eyeing the $9 mark to cross ahead.</a></li>
</ul>
<p>The <strong>NEAR Protocol (NEAR) crypto</strong> gained bullish momentum and displayed a neckline breakout in the last sessions. In the overnight trading session, most of the crypto assets were traded in the green, and signified the buying activity.</p>
<p>For weeks, the <strong>NEAR token</strong> has faced the $8 hurdle and stayed below it, but a sharp bullish wave led to a split in the neckline. Meanwhile, the sellers have looked trapped, and short covering activity was noted on the charts.</p>
<p>At press time, the <strong>NEAR Protocol (NEAR) price</strong> traded at $8.22 with an intraday surge of 16.10%, reflecting bullishness on the charts. It has a monthly return ratio of 56.38% and 393.28% yearly.</p>
<p>The pair of NEAR/BTC is at 0.000123 BTC, and the market cap is $4.97 Billion. Analysts are bullish and suggest that the <strong>NEAR price</strong> may register a 52-week high breakout and reach the $10 mark soon.</p>
<h2 class="wp-block-heading" id="strong-is-near-getting-ready-for-a-sharp-rally-strong"><strong>Is NEAR Getting Ready for a Sharp Rally?</strong></h2>
<p>The daily charts of the <strong>Near Protocol (NEAR)</strong> implied an uptrend, and a trend reversal was noted. Recently, the token flipped from the 100-day EMA, and fresh higher high swings were made.&nbsp;</p>
<p>After that, the token has decisively sustained gains above the key moving averages, which implies buyers’ dominance.</p> <iframe loading="lazy" title="Santiment Chart: Price (NEAR), Volume (NEAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2023-11-16T18%3A29%3A59.678Z&amp;dt=2024-05-16T18%3A29%3A59.678Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bnear-protocol%3BNEAR%5D%3B%5B1%3Bvolume_usd%3Bnear-protocol%3BNEAR%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Amidst the bearish wave in the market for the past sessions, the Near Price has secured its gains in the bullish trajectory and denoted the positive trend and investor speculation.</p>
<p><strong>NEAR crypto </strong>ranked at 28 according to its market capitalization and experienced a surge in trading volume of 178.67% to $931.67 Million in the last 24 hrs.</p>
<p>The Relative Strength Index (RSI) curve witnessed a massive spike and jumped to the overbought zone, highlighting a positive crossover.</p>
<h3 class="wp-block-heading" id="strong-significant-surge-in-tvl-what-does-it-mean-strong"><strong>Significant Surge in TVL: What Does It Mean?</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="370" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-1024x370.jpeg" alt="" class="wp-image-205793" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-1024x370.jpeg 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-300x108.jpeg 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-768x277.jpeg 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-1536x555.jpeg 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-750x271.jpeg 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43-1140x412.jpeg 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-43.jpeg 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Artemis</p>
<p>This week, Near Protocol experienced a significant surge in the <strong>TVL </strong>(Total Value Locked), which might be an early indication of a breakout rally. If this activity persists, the NEAR price will likely cross the $10 mark soon.</p>
<p><strong>Futures OI Data Insights</strong></p>
<p>Following the price surge, significant <strong>long buildup activity</strong> was highlighted on the futures data. The intraday open interest data noted an intense spike over 37.26% to $338.84 Million, reflecting the <strong>investor speculation.</strong></p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="240" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193-1024x240.png" alt="" class="wp-image-205794" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193-1024x240.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193-300x70.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193-768x180.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193-750x176.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193-1140x268.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-193.png 1402w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: coinglass</p>
<h3 class="wp-block-heading" id="strong-near-crypto-has-experienced-surge-in-popularity-strong"><strong>NEAR Crypto Has Experienced Surge in Popularity&nbsp;</strong></h3>
<p>Notably, the social dominance data witnessed a massive recovery, displaying that investor discussions on social media platforms increased significantly.&nbsp;</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (NEAR), Twitter Followers 7d (NEAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2023-11-16T18%3A29%3A59.678Z&amp;dt=2024-05-16T18%3A29%3A59.678Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bnear-protocol%3BNEAR%5D%3B%5B1%3Btwitter_followers_7d%3Bnear-protocol%3BNEAR%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Meanwhile, the activity of the X platform remained flat, and the X follower’s data looked stable, which means users do not pay much attention to it.</p>
<p>The immediate support levels for the <a href="https://www.thecoinrepublic.com/2024/05/05/near-protocol-near-looks-bullish-can-bulls-reach-10-this-may/" target="_blank" rel="noopener noreferrer nofollow">NEAR Protocol (NEAR)</a> coin are $8 and $7.65, whereas the key upside hurdle is around $8.70, followed by $9.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>The NEAR Protocol (NEAR) crypto price reflected a massive buying activity and surged over 15% intraday. Still, the token has more space to go upside and might break the 52-week high zone soon.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;</p>

Can the Ongoing Bullish Wave Lead NEAR Price to Cross $9 Mark?

Table of Contents

Thecoinrepublic.com

Other articles published on May 16, 2024

Web3 Platform ZTX Amplifies Head in the Clouds Festival in New York with Digital Collectibles

Top Altcoins Poised for Minimum 10X in May According to Experts

Smart Money Has An Eye For 2 Crypto To Buy For 10X-50X Potential In 2024

BlockDAG’s Upgraded Dashboard Boosts Transparency with $26.9M in Presales, Surpasses Spot Ethereu...

Over 600 firms reveal billions in combined investment in Bitcoin ETFs

Polygon (MATIC) Prevents Correction but Reenters Consolidation

Join our free newsletter for daily crypto updates!