NEAR Protocol's Rally Continues Amid Strong Institutional Demand
NEAR Protocol (NEAR) continued its impressive run this week, extending gains by another 3% on Thursday after a 9% rise the previous day. The launch of the NEAR-focused Bitwise Exchange-Traded Fund (ETF) on Tuesday drew significant attention, with nearly $50 million in inflows over two trading sessions.
The data from Sosovalue shows that the ETF recorded $35.99 million in inflows on its opening day, followed by $14.04 million the next day. This suggests strong institutional demand for NEAR Protocol, likely driven by its NEAR Intents feature for confidential wallets and exposure to tokenized assets.
The technical outlook for NEAR remains bullish, with momentum indicators suggesting an upside bias despite overbought concerns. According to the trend-based Fibonacci retracement tool, a confirmed breakout above $5.6452 could target the 127.2% extension level at $8.0404, indicating an additional 45% upside potential.