In the last 24 hours, NEAR Protocol has exhibited a significant bullish momentum, rising from $2.60 to $2.68. This upward movement not only highlights the potential of NEAR but also reflects broader optimism within the altcoin ecosystem, as it showcases an 8% increase over the past few days and a remarkable 45% surge since June 17.
This price action is characteristic of a market repositioning, with data suggesting a possible altcoin season, while Bitcoin consolidates its value. Such sentiments are bolstered by a prevailing rally among artificial intelligence (AI) tokens, which recently pushed the sector’s aggregate market capitalization to an impressive $33.64 billion.
Additionally, interest in NEAR was catalyzed by fund manager Bitwise, which recently shared insights on X regarding NEAR Protocol’s unique plan to utilize “billions of AI agents” for managing capital and executing trades, further amplifying Wednesday’s rally.
Technical Indicators Highlight Trading Patterns
- The overall trading range for NEAR Protocol reached $0.16, which represents 5.89% of the trading range during the analyzed 24-hour period.
- A notable high-volume surge saw 5.81 million tokens traded at 14:00 on July 16, significantly outpacing the 24-hour average of 2.55 million tokens.
- Resistance levels have been identified around the $2.70-$2.72 range, wherein price reversals occurred amidst elevated trading volumes during peak hours.
- Support consolidation was notable around the $2.56-$2.62 mark, which witnessed multiple successful retests throughout the session.
- In the final hour of trading from 15:06 to 16:05 on July 16, NEAR experienced a decline from $2.71 to $2.68, equating to a 1.11% drop alongside an intraday range of $0.05.
- The sharp sell-off during this period included volume spikes exceeding 230,000 tokens at 15:16 and 15:36, demonstrating significant market activity during the consolidation phase.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
