NEAR Token Surges 82% Amid $70 Million Incentive
The NEAR token has experienced an impressive 82% weekly rally, causing its price to surge. At one point, it reached $4.173 per unit on Binance, representing a significant increase of 81.59% from its previous close.
This price action is notable because it outperformed the largest cryptocurrency assets, with Bitcoin slipping 0.25% over the same period and Ether losing 0.17%. The strong performance of NEAR has also been accompanied by increased trading volume on Binance, reaching $319.21 million, which equates to 33.8% of Bitcoin's venue volume.
The rally can be attributed in part to a $70 million incentive provided by the Confidential Intents program, which triggered a reward token distribution to eligible users. The program requires participants to have a confidential balance above $100 and an active swap history, with rewards locked until NEAR's three-day Volume-Weighted Average Price (VWAP) reaches $3.33.
However, some analysts have expressed caution regarding the sustainability of this price action. CoinMarketCap AI had predicted a retest of $3.88, which was already breached, while Phemex's bull case target was surpassed by 74.6%. Long-term value capture depends on continued transaction demand and protocol revenue.