NEAR Protocol Experiences a 10% Surge Amid Profit-Taking Phase

The NEAR token saw a significant rise of 9.77%, climbing from $2.15 to $2.36 over July 2 and 3. This surge marked a breakthrough of the $2.30 resistance level, bolstered by solid trading volume. Following the spike, profit-taking ensued, leading to a price drop to $2.27 by market close, establishing a support zone at the 23.6% Fibonacci retracement level.

On Wednesday, NEAR’s rise followed an announcement from the fund manager Bitwise regarding the launch of a NEAR exchange-traded product (ETP) in Germany. Illia Polosukhin commented, “The NEAR Staking ETP on Xetra opens a new bridge to NEAR for institutions by providing a regulated, exchange-traded way to earn staking rewards.” This initiative allows investors compliant access to the NEAR ecosystem, offering user-owned AI without the need for private key management or node operations, accompanied by full price transparency.

As a result, the NEAR token has formed crucial support at $2.26, indicating it is preparing to consolidate before potentially moving upwards.