NEAR Protocol Rallies 6% Amid Strong Altcoin Season Rotation

NEAR Protocol (NEARUSD) has bounced back from a recent security scare, rising 6.10% to $4.97 on Sunday.

This significant outperformance comes despite a broadly flat crypto market, with the protocol's price action driven mainly by capital rotation into high-momentum assets.

The move is seen as NEAR acting on its own alpha, rather than simply following Bitcoin's modest 0.53% gain.

The recovery in NEAR's price comes after a bug in the Omni deposit layer led to the theft of $3.8 million from NEAR Intents, the protocol's cross-chain swap system, on October 1.

General manager Alex Shevchenko publicly identified the attacker and issued a 48-hour deadline for the return of the stolen funds, which were subsequently returned with an on-chain apology.