NEAR: Could It Break Through to $3.2 After a $626M Trading Week?

NEAR Protocol is currently experiencing a significant rally, driven by record trading volumes, whale investments, and increased buyer dominance in the market. The recent trading activity indicates a strong potential for NEAR to target higher price levels if momentum continues.

Key Takeaways

Record trading volume, whale accumulation, and strong buyer presence are driving the price surge.
If current buying conditions and ecosystem growth continue, NEAR could aim for the $3.8–$4.0 range.
NEAR Protocol (NEAR) has seen a strong increase, with a more than 12% rise in just 24 hours, albeit with a slight current retracement of 4%.
Recent reports highlight a remarkable trading volume of $626 million for NEAR, showcasing intensified interest among traders and investors.

NEAR

NEAR Whales Active in the Market

In addition to the increase in trading volume, data from AMBCrypto examines trends in Spot Average Order Size, revealing that NEAR's larger investors, or “whales”, are actively purchasing significant amounts of the token. This accumulation is happening alongside a notable increase in the overall trading activity.

NEAR whale orders Source: CryptoQuant

Return of Buyer Dominance

The derivative markets have shown a marked increase in buyer dominance, as indicated by the 90-day Taker CVD data for futures. This trend signifies a renewed commitment to purchasing in both the spot and derivatives markets. Buyer dominance is currently enhancing NEAR's bullish technical formation.

As of now, NEAR is testing the $3.2 resistance level, a critical barrier that has historically impeded price advances. If buying momentum continues at this rate, NEAR may successfully break this resistance, converting it into a support level for a sustained upward trajectory.

NEAR buyers dominance Source: CryptoQuant

Strong Fundamentals Support Bullish Sentiment

Beyond the technical indicators, NEAR's underlying fundamentals remain robust. The growth of its ecosystem, along with an increase in developer engagement and transaction volumes, has positively influenced investor sentiment recently.

The token was recently integrated with Thorwallet shortly after its halving event, highlighting ongoing developments. However, traders should keep an eye on potential volatility as NEAR approaches the $3.2 resistance level, which has witnessed multiple rejections in the past. The Sochastic RSI also indicates that NEAR may be in an overbought condition, suggesting a possible short-term price correction. Nevertheless, a successful break above this resistance could set the stage for NEAR to aim for the next major targets around $3.8–$4.0.

NEAR price action Source: TradingView

With the current momentum appearing strong, NEAR's trading volume at record highs, and buyers regaining control, the upcoming days could prove pivotal in setting the stage for a major price rally for NEAR.