NEAR Price Surges 15%, Trading Volume Doubles Amid Bullish Setup
Near Protocol's price has surged by 15% in the last 24 hours, reaching new heights as its daily trading volume doubled to $609 million. The token broke out from a pennant formation and is now trading above all key moving averages on the daily chart.
The increased momentum is attributed to the recent announcement of quantum-safe signing and confidential execution by the NEAR Foundation. This improvement in security features has boosted investor confidence, leading to higher inflows into the network. The amount of capital entering the ecosystem skyrocketed to $6.03 million over the past 24 hours.
The bullish setup is further reinforced by improved on-chain metrics, with holder revenue jumping to $112K. This indicates increased economic activity across the network and could support the improving market backdrop.
However, a rejection from the next major resistance level of $2.55 could lead to a near-term correction. The magnitude of the current rally increases the chances of a pullback, but for now, price action and network metrics are aligned in favor of further gains.