NEAR Price Surge Raises Questions About Zcash Connection
NEAR has experienced an 89% price surge over five days, but its connection to Zcash activity is being questioned. While a recent report highlighted a sixfold increase in daily ZEC volume routed through NEAR Intents, this may not be the sole reason behind the token's rise.
The rally began before the report was published, and momentum indicators suggest that the price has already reached an overbought level. The protocol's RSI is near 83, above the conventional threshold of 70, while NEAR trades more than 100% above its 50-day moving average.
The next test for the rally will be resistance at $4.75-$4.85, a zone that NEAR failed to break through in January 2025. Holding support at $3.40-$3.50 would preserve the first clearly tested support created during the rally, but losing it could indicate that the latest repricing moved faster than buyers were willing to defend.
The connection between Intents usage and NEAR's near-90% gain remains plausible but unproven without persistent routing volume, higher settlement activity, and a defended $3.40-$3.50 support zone.