In the last seven days, NEAR Protocol [NEAR] has witnessed a rise of 12.33%, currently trading at $5.79 with a trading volume of $712.5 million over a 24-hour period.
Despite a slight 0.97% decrease in the past day, the price has remained relatively stable between $5.54 and $5.99 as a sign of consolidation following recent upward movement.
NEAR Protocol currently has a circulating supply of 1.2 billion tokens, giving it a market capitalization of $7.05 billion, positioning it as one of the top-performing assets.
This recent upswing follows a recurring price trend, with previous high points reaching close to $7.50-$8.00 and support levels around $3.00-$3.50.
Analyst Michaël van de Poppe highlighted the possibility of significant gains upon breaching key resistance levels, pinpointing potential accumulation zones in the range of $4.25-$5.00 for the next bullish phase.
Consolidation and Upside Potential?
Upon examination of the NEAR/USDT daily chart, there is a mild bearish pressure noted as the price retraced from the $6.00 resistance level to its current position.
Meanwhile, the Relative Strength Index (RSI) sits at 61.45, indicating a bullish market stance but with signs of waning momentum.
The MACD indicator displays a bullish crossover, with the MACD line above the signal line and positive histogram bars. However, the diminishing size of the histogram suggests a decrease in momentum, aligning with the recent pullback.
Experts emphasize the importance of maintaining the critical support level at $5.50 to sustain the bullish trend, with a breach below potentially triggering further consolidation.
Slight Downturn in Futures Market Activity
The Futures market for NEAR Protocol exhibits a 5.03% drop in Open Interest, standing at $345.50 million currently, as reported by Coinglass.
This slight decline follows a period of increased market activity earlier in the month, hinting at a possible slowdown in speculative interest.
While trading volume decreased by 19.30% to $597.67 million, the Open Interest remains elevated compared to previous periods, indicating sustained trader engagement despite short-term profit-taking activities.
Steady Growth in Ecosystem
According to on-chain data from DeFiLlama, NEAR’s Total Value Locked (TVL) amounts to $260.05 million, with stablecoin market capitalization reaching $677.77 million.
Within the last 24 hours, the platform has generated $23,430 in fees and revenue, showcasing ongoing activity within the ecosystem.
These metrics signify a consistent advancement in NEAR Protocol’s decentralized finance infrastructure.