In a striking turn of events, NEAR Protocol’s token has surged by nearly 7% in the past 24 hours, capturing the attention of investors across the crypto sphere. This rally, which saw NEAR ascend from $2.55 to $2.66, comes as the altcoin market begins to stir in the wake of Bitcoin’s monumental leap to an all-time high of $123,000. With whispers of a potential “altcoin season” doing the rounds, NEAR’s recent performance may well be a harbinger of things to come. As explored in our recent coverage of Bitcoin’s rise and the altcoin rally, this trend is part of a broader market movement.
Signs of a Bullish Run
The latest uptick in NEAR’s price follows a series of strong technical indicators that have bolstered investor confidence. Support was firmly established at $2.51 during recent consolidation phases, setting the stage for a breakout that propelled the token to $2.69 in the early hours. This upward momentum has been underpinned by a pattern of higher lows throughout the recovery, painting a picture of a market in bullish fervor.
According to crypto analyst Jenna Hayes, “The recent price action in NEAR is indicative of a broader market sentiment that’s shifting positively towards altcoins. With Bitcoin setting new records, it’s not uncommon to see altcoins like NEAR catching some of that overflow interest.” Hayes notes that the V-shaped reversal, coupled with a significant volume spike of 143,188 units, underscores a robust buying interest that’s hard to ignore.
Historical Context and Market Dynamics
Despite the recent surge, NEAR is still navigating its way back from last year’s highs, when it reached $9.00 amidst the buzz surrounding AI tokens and applications like ChatGPT. The current landscape presents a different kind of challenge and opportunity. As NEAR hovers below its previous peak, the question remains whether this rally can sustain enough momentum to break past looming resistance levels at $2.70-$2.72. For more insights into the altcoin market’s performance, see our analysis of Ethereum’s outperformance and the potential altcoin season.
Market strategist Alex Mercer points out, “We are seeing a classic case of market rotation. Investors are on the lookout for undervalued assets, and NEAR fits the bill. The key will be whether it can maintain this trajectory as we move deeper into 2025.” Mercer’s view highlights the broader dynamics at play, with altcoins poised to benefit from Bitcoin’s spotlight.
Looking Ahead
As NEAR continues its upward trajectory, market participants are keenly observing the next resistance levels. The breakout above $2.67 has already confirmed a bullish continuation, but the path forward is fraught with challenges. The crypto market is notoriously volatile, and while the current sentiment is positive, the landscape can shift rapidly.
In the coming weeks, all eyes will be on NEAR’s ability to sustain its gains and potentially make a run at its past highs. This rally has sparked renewed interest, but it also raises questions about the durability of such trends in an ever-evolving market. For now, NEAR’s story is one of optimism and opportunity, but as always in the crypto world, caution and vigilance are the watchwords.
Source
This article is based on: NEAR Surges 7% in Strong Bullish Recovery Rally
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
