NEAR Protocol’s token price surged 13% in 24 hours, marking a 44% rebound from its recent low. Increased trading volume and open interest suggest strong bullish momentum, though analysts caution the longer-term trend remains bearish.
The native token of the NEAR Protocol rallied 13.02% over the past day. This represented a 44% gain since hitting a low near $0.953 the previous Tuesday. Open Interest for the asset jumped 81% in a week, according to data from Coinalyze.
These swift gains and heightened speculative interest indicated strong bullish momentum. The performance appeared part of a broader positive trend within the crypto AI sector.
The token’s price recently slipped below a long-term trading range, establishing a supply zone between $1.82 and $1.88. A key support level at $1.42 was broken in late January, demonstrating seller dominance at the time.
Spot trading volume has remained above its 20-day moving average for six consecutive days. This activity has caused the A/D indicator to climb, suggesting accumulation.
Traders are advised to respect the prevailing long-term downtrend that began last October. A bearish swing moved the price from $1.89 down to $0.84, a move that requires close examination.
Key resistance levels are seen at $1.5 and $1.67, where the current upward move may stall. Analysts state a confirmed breakout above $1.89 is needed to establish a new bullish swing structure. Until then, market participants are urged to curb their eagerness to enter long positions.
