NEAR protocol [NEAR] has continued its bullish trajectory and is currently just $0.10 away from $2.55. In the last 24 hours, the token has recorded a 10% daily gain as of writing, while the trading volume grew by 67% to $676 million.
Meanwhile, the increase in both price and trading volume is pointing to the fact that buyers continue to exert pressure on NEAR after its breakout out of a pennant consolidation formation.
The recent consistent gains speak volumes, more so given that the consolidation phase had held for weeks. Will the buyers prolong their dominance?
NEAR’s network TVL crosses $60M
Zooming down to the token’s long-term indicators, its network activity is also giving the rally another fundamental catalyst.
NEAR’s Total Value Locked has crossed $185 million after an exponential surge from $83 million back on the 17th of August. These gains marked another milestone for the network’s emerging infrastructure.
Rising TVL indicates that more capital is being committed to the protocol, potentially strengthening demand if adoption continues to expand. Interestingly, the timing is notable since the surge in locked capital comes as NEAR’s price and trading activity accelerate.
Can NEAR finally reach $2.50?
On the daily chart, NEAR is now approaching the previously identified $2.55 resistance level, with the latest 10% gain bringing the token within its bulls’ striking distance.
The token is now trading above all key Exponential Moving Averages (EMAs) at $2.43, suggesting that its bullish momentum is far from exhaustion. Investors can expect more bullish advances in the short run.
Will profit-taking derail NEAR bulls?
The increased trading volume offers extra momentum to the setup. As long as the buyers manage to maintain high volume, there is a chance that NEAR will manage to break out at $2.50 and turn the previous resistance into support.
At the same time, the rapid gains may lead to profit-taking around the psychological level. However, a rejection around the resistance zone will leave the NEAR vulnerable to a short-term correction due to the doubts about the sustainability of the gain.
All in all, as it stands, the long-term outlook is still bullish. NEAR is reaching its previous target while the trading volume is growing. Moreover, the key challenge for bulls is to gain enough momentum to make a successful breakout past the $2.55 resistance level.
Final Summary
- NEAR jumped 10% in 24 hours as trading volume surged 67% to $676 million.
- The network’s TVL crossed $185 million as NEAR moved within $0.10 of the previously projected $2.55 target.