The altcoin market is witnessing a strong bullish momentum, with NEAR Protocol leading the charge. Over the past 24 hours, NEAR surged 8%, climbing from $2.60 to $2.68, extending its 45% rally since June 17. This upward movement aligns with a broader AI token rally, pushing the sector’s market cap to $33.64 billion.
NEAR’s AI-Driven Momentum Attracts Investors
A key driver behind NEAR’s recent surge is its growing association with artificial intelligence (AI). Bitwise, a prominent fund manager, highlighted NEAR’s vision of enabling “billions of AI agents” to manage capital and execute trades. This narrative has fueled investor optimism, contributing to the token’s upward trajectory.
The AI crypto sector has been one of the strongest performers in 2024, with projects like NEAR, Fetch.AI, and Render gaining significant traction. As institutional interest grows, NEAR’s integration of AI and blockchain positions it as a standout player in this niche.
Technical Analysis: Key Support and Resistance Levels
- Resistance Zone: $2.70 – $2.72 – NEAR faced selling pressure at this level, causing a minor pullback.
- Support Zone: $2.56 – $2.62 – Buyers consistently defended this range, indicating strong demand.
- Trading Volume: A high-volume spike of 5.81 million tokens was recorded, significantly above the 24-hour average of 2.55 million tokens.
The final hour of trading saw a 1.11% dip, with NEAR retreating from $2.71 to $2.68. However, the overall trend remains bullish, supported by strong buying activity at key support levels.
Why Altcoins Are Gaining Momentum
The broader altcoin market is experiencing a resurgence, driven by:
- Increased institutional interest in AI and decentralized applications (dApps).
- Bitcoin’s stability, allowing altcoins to flourish.
- Positive sentiment around Ethereum ETF approvals, boosting related ecosystems.
NEAR’s performance reflects this trend, with its AI-focused roadmap attracting both retail and institutional investors.
What’s Next for NEAR Protocol?
If NEAR breaks above $2.72, the next target could be $3.00, a psychological resistance level. Conversely, a drop below $2.56 may signal a short-term correction. Traders should monitor:
- Volume trends – Sustained high volume confirms bullish momentum.
- AI sector developments – Further adoption could drive additional gains.
- Macroeconomic factors – Fed policy shifts may impact crypto markets.
Final Thoughts
NEAR’s 8% surge highlights its strength in the AI-powered altcoin rally. With strong support and resistance levels in play, traders should watch for a breakout or consolidation in the coming days. As AI tokens gain traction, NEAR remains a top contender for further upside.
Stay updated with the latest crypto trends and technical analysis to make informed trading decisions.
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.