NEAR Protocol delivered a 5.04% gain within a 23-hour trading window, rising from $2.26 to a session high of $2.38 before closing at $2.34. The price movement reflects growing bullish sentiment in the market, backed by a notable surge in trading volume and technical support formation.
The $0.12 range marked significant price volatility, driven by strong participation, especially during the July 9, 7:00 PM hour, when trading volume spiked to 4.62 million units—far exceeding the average session volume of 1.73 million. This activity established a firm support base at $2.29, which held steady through brief pullbacks.
Trading Volume Signals Bullish Momentum
The sharp increase in volume reflects renewed investor interest and potential institutional entry. Analysts note that such surges in volume typically signal accumulation at key price levels, and this appears to be the case for NEAR during this session. The network continues to attract attention as Layer-1 protocols regain traction in light of Bitcoin’s recent all-time high above $112,000.
Following the early breakout, technical support was redefined around $2.34, suggesting buyers are stepping in at higher levels. This development reinforces the upward trend and highlights trader confidence going into the next trading sessions.
Institutional Behavior Points to Confidence in NEAR
A closer look at trading behavior between 2:58 PM and 3:57 PM on July 10 shows signs of institutional profit-taking, followed by immediate strategic buying activity. This pattern often indicates that larger investors are securing profits without exiting positions entirely, suggesting a longer-term bullish outlook.
The timing of this action—near the session close—supports the view that sophisticated traders are positioning for further upside, possibly in anticipation of broader altcoin market movements.
NEAR Eyes Higher Support and Breakout Potential
With strong technical support at $2.29 and a newly forming base at $2.34, NEAR is well-positioned for potential upside continuation. Traders will be watching for a confirmed break above $2.38, which could open the door toward the $2.45–$2.50 zone.
As volume remains elevated and institutional patterns emerge, NEAR may continue to benefit from a favorable risk-reward setup in the short term.
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.