NEAR Protocol (NEAR) posted a 5.09% gain, closing at $2.27 in the 24-hour session ending July 9 at 15:00 UTC, despite experiencing sharp intraday swings. The recovery highlights growing institutional confidence and aligns with broader altcoin optimism as the market positions for a possible breakout season.
The rally coincided with Grayscale’s latest portfolio rebalance, which added NEAR to its Decentralized AI Fund with a significant 28.41% weighting—just behind Bittensor (TAO), which holds 29.10%. This inclusion reinforces NEAR’s credibility in the emerging decentralized AI sector and suggests long-term investor interest.
Technical Overview: Volume-Led Reversal and Breakout Signals
NEAR opened the session at $2.16, touching a low of $2.15 and peaking at $2.29, marking a 6.20% intraday swing. The most notable movement occurred around 17:00 UTC, when trading volume surged to 4.16 million units, driving a rapid price increase from $2.18 to $2.23.
- Session close: $2.27 (+5.09%)
- Intraday range: $2.15 – $2.29
- Key support: $2.21
- Established resistance: $2.24
- Crucial level: $2.25 (held through multiple tests)
Late-session buying pressure helped maintain a bullish tone, with price consistently testing and holding support near $2.25. A 515,000-unit volume spike at 14:56 initiated a quick rebound from $2.25 to $2.26, signaling ongoing demand near support zones.
NEAR Rides Altcoin Optimism as Market Eyes Bitcoin Breakout
The strong session for NEAR comes as altcoin sentiment improves, with analysts noting the early signs of a potential altcoin season. Should Bitcoin breach its all-time highs and enter consolidation, capital may increasingly rotate into Layer 1 protocols like NEAR.
The final 30 minutes of trading showed a 1.20% bounce from session lows, supported by stable volume and narrowing volatility—often viewed as a precursor to breakout continuation.
Outlook: Institutional Support May Accelerate Price Action
With Grayscale’s backing and growing volume activity, NEAR appears poised for additional upside. If momentum holds and resistance at $2.29 is cleared, bulls may target further gains in the $2.30–$2.35 zone.
As attention shifts to AI-linked crypto projects, NEAR’s positioning within decentralized infrastructure could play a pivotal role in sustaining long-term growth.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.