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NEAR Surges 5% Despite Volatile Trading as Grayscale Adds Token
Token demonstrates resilience with strong volume-supported recovery amid institutional backing and market volatility.
What to know:
- NEAR Protocol rallies 5% in volatile 24-hour session ending 9 July 15:00, closing at $2.27 amid sharp intraday swings.
- Grayscale includes NEAR in Decentralized AI Fund rebalancing, allocating 28.41% weight alongside Bittensor's 29.10% position.
NEAR Protocol posts 5% gains in the 24-hour period ending 9 July 15:00, closing at $2.27 despite heavy volatility.
The rally coincides with Grayscale's quarterly rebalancing, positioning NEAR at 28.41% of its Decentralized AI Fund.
STORY CONTINUES BELOW
The move comes amid renewed optimism across the altcoin sector, with analysts calling for a long-awaited "altcoin season," which would likely occur if bitcoin breaks a new record high and consolidates, prompting a capital flow to altcoins.
Technical Analysis
- NEAR opens at $2.16, closes at $2.27 for 5.09% session gain.
- Token swings $0.14 or 6.20% between $2.15 low and $2.29 peak.
- 17:00 hour sees 4.16 million unit surge, driving price from $2.18 to $2.23.
- Spike exceeds 24-hour average of 1.87 million units.
- Volume establishes resistance at $2.24, support at $2.21.
- $2.25 level holds through multiple resistance-support tests.
- Late buying pushes close toward session highs, signaling momentum continuation.
- Early pressure drops token to $2.25 by 14:36, down 1.64% in nine minutes.
- 515,008-unit spike at 14:56 triggers reversal from $2.25 to $2.26.
- Final 30 minutes show 1.20% bounce from session lows.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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What to know:
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