NEAR Launches on Solana: Is $2 Within Reach?

NEAR Protocol has faced substantial selling pressure lately, pushing its price below significant support levels. However, the recent listing on Solana has opened new trading avenues that could revitalize its liquidity and price. This development, alongside cues from market indicators, raises the possibility of NEAR hitting the $2 mark if bullish momentum resumes.

Key Takeaways

NEAR has faced persistent selling pressure and has dropped below key support at $1.83.
A new launch on the Solana blockchain has significantly increased trading volume and liquidity.
A liquidity pool at around $2 could serve as a key target for the price, should upward momentum build.
Although NEAR's recent developments are promising, strong demand is necessary to overcome previous resistance and stabilize its price.

NEAR Faces Crucial Test as Solana Listing

NEAR Launches on Solana!

NEAR Protocol has made its entry into the Solana blockchain, increasing its exposure to a new market and enhancing its liquidity. The cross-chain activity is expected to generate price volatility, particularly given that NEAR is positioned at significant technical thresholds.

Recent market trends show a notable increase in trading activity. Over the past 24 hours, NEAR’s trading volume surged by about $17.6 million, reaching a total of $83.5 million at the time of writing. Such spikes in volume are common following listing announcements, as fresh traders flock to the market. This listing on Solana could very well serve as a catalyst for potential price recovery, due to the influx of liquidity and volatility in NEAR.

NEAR Price Analysis
Source: TradingView

NEAR Trading Volume
Source: Token Terminal

Is $2 a Key Target?

According to liquidity data from CoinGlass, there exists a substantial liquidity pool of approximately $839K at the $2 price point. Such concentration often acts as a short-term attraction for traders, particularly when market volatility ramps up. If NEAR bulls can maintain purchasing momentum, this price level may emerge as a realistic target.

NEAR liquidation heat maps
Source: CoinGlass

What’s Next for NEAR?

Despite the surge in trading volume and liquidity from the Solana listing, the overall market trend for NEAR remains weak. To reverse the current bearish trend, it is crucial for the asset to break above previous resistance levels. Currently, bulls need to regain the $1.83 threshold to establish a new bullish trend.

Market participants are monitoring developments closely, as it remains uncertain whether NEAR’s integration onto the Solana blockchain will positively shift market sentiment or if it will merely represent a brief pause in an ongoing downward trajectory.

Final Thoughts

The future for NEAR is on a delicate balance, with its recent launch on Solana offering fresh hope. However, success will heavily depend on the ability of market participants to rally around key price levels and stimulate demand.