The NEAR Protocol (NEAR) token recorded a sharp 9.77% intraday surge, climbing from $2.15 to $2.36 between July 2 and July 3. The bullish move was triggered by strong volume and investor excitement surrounding the launch of a regulated NEAR staking ETP (Exchange-Traded Product) in Europe.
NEAR Token Breaks Resistance, Hits $2.36 High
In the early hours of July 3, NEAR managed to break above the $2.30 resistance level, a key psychological and technical barrier. The price peaked at $2.36, backed by a significant spike in trading volume—indicating strong bullish interest in the token.
However, profit-taking by traders emerged shortly after the high was reached, leading to a pullback toward $2.27. Despite this retracement, NEAR managed to establish a new support zone between $2.26 and $2.27, aligning closely with the 23.6% Fibonacci retracement level, which has historically acted as a consolidation zone for uptrending markets.
NEAR Staking ETP Sparks Institutional Interest
The bullish catalyst behind the NEAR price rally was the announcement of a NEAR Staking ETP launching on a major European exchange. This product offers institutional investors regulated access to NEAR staking rewards—without the need for direct token custody or infrastructure management.
By offering exposure to user-owned AI and the broader NEAR ecosystem, the ETP aims to lower barriers to entry and improve institutional adoption. Market analysts view this development as a strategic move to enhance NEAR’s visibility and long-term demand.
NEAR Technical Analysis: Bullish Trend Still Intact
- Between 16:00 UTC on July 2 and 15:00 UTC on July 3, NEAR showed above-average trading volume, supporting the uptrend.
- The $2.30 breakout was confirmed with high volume at 08:00 UTC, reaching a short-term peak.
- During a sharp 3-minute selloff around 15:04 UTC, NEAR’s volume spiked to over 310,000 tokens, leading to a low at $2.26.
- Despite the drop, the 23.6% Fibonacci level held strong as support—a bullish signal suggesting the trend remains intact.
Near-Term Outlook for NEAR Token
With the $2.26-$2.27 support zone holding firm and institutional momentum building, NEAR remains poised for a potential continuation to the upside. However, short-term bearish pressure remains as traders lock in gains. If the price consolidates above $2.30 again, it could pave the way for a move toward the next resistance at $2.45.
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.