Markets
NEAR Protocol Surges Amid Strong Institutional Support
NEAR Protocol has witnessed a significant surge in value fueled by robust institutional inflows and user growth, overcoming key resistance points before a period of volatility.
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Summary
NEAR Protocol has shown remarkable gains of 5.82%, rising from $2.75 to $2.91 between August 12 and 13, driven by institutional inflows exceeding $7.6 million. Initially, NEAR managed to breach multiple resistance levels, establishing robust support at $2.76.
Market Dynamics
- NEAR’s Performance: The price showed volatility towards the end of the trading session on August 13, oscillating between $2.94 and $2.88 before stabilizing at approximately $2.90.
- User Growth: NEAR’s weekly active users rose by 18.4%, reaching 16 million, currently surpassing Solana.
- Global Inflows: A total of $572 million flowed into global crypto investment products, with NEAR gaining significant traction alongside other leading cryptocurrencies.
“NEAR Protocol surges 6% to $2.91 with strong institutional volume surpassing 7.6M, establishing solid support at $2.76 and facing resistance near $2.94 amid sustained bullish momentum.”
Technical Overview
- Support established at $2.76.
- Notable resistance around $2.94 with several rejection attempts.
- Volume peaks surpassed 7.6 million during key breakout phases, affirming market strength.
- Price consolidation around the $2.90-$2.91 range suggests a balance after previous volatility.
