NEAR Protocol has emerged as one of the top performers in the market, as bullish investors aim to take advantage of the upward trend and overcome a significant psychological barrier. In the past month alone, NEAR Protocol (NEAR) has experienced an impressive surge, with a gain of nearly 31%. This surge was largely driven by a notable intraday increase of 14.43%, the largest seen in over four months.
The partnership between leading AI chipmaker Nvidia and Alibaba played a significant role in triggering a positive response from AI tokens, leading to NEAR Protocol’s recent success. As of now, NEAR is trading at $5.217, reflecting a 6.36% increase over the past 24 hours. This surge has propelled its market cap to $5.79 billion, accompanied by a substantial daily trading volume of $890 million.
The surge in NEAR’s price has pushed the asset above the upper Bollinger Band, which currently sits at $5.072. This position indicates that NEAR is in an overbought condition, confirming the strong bullish momentum in the short term. Additionally, the Commodity Channel Index has surged to 224.85 following the recent rally. A reading above 100 on the CCI is considered overbought, suggesting the need for caution as corrections often follow such high readings.
Despite a minor drop earlier in the day, NEAR Protocol has retested the upper Bollinger Band and maintained a value above it, indicating that the bulls are firmly in control of the market at this time. The continuation of this momentum will depend on sustained buying pressure. NEAR is now approaching critical resistance levels at $5.469 and $6.301.
The $6 psychological level represents a significant target for bullish investors. However, the last time NEAR approached $6, it encountered strong resistance at $5.9, resulting in ten consecutive days of losses. To break through this level, NEAR will need to consolidate above $5.469 and maintain its current momentum. Failure to surpass $5.469 could lead to a retracement to the Pivot level support at $4.954 or even further down to $4.121.
In other news, Celestia Foundation has successfully secured $100 million in new fundraising efforts.