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?

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