NEAR Protocol climbed 5% from $2.47 to $2.60 in the 24-hour period ending 7 August at 14:00 UTC, exhibiting strong resilience amid broader market turbulence. Institutional accumulation helped fuel a recovery rally after early-session lows, with price action coalescing between $2.48 and $2.52 before a sharp upside break around 10:00 UTC, supported by 3.36 million in trading volume. The assetâs advance, partially influenced by global risk-off sentiment, reflected investorsâ pivot to alternative assets during heightened geopolitical and macroeconomic uncertainty.
Late-Session Sell-Off Caps Bullish Momentum
Despite its earlier strength, NEARâs final hour of tradingâfrom 13:06 to 14:05 UTCâwitnessed a surge in volatility that erased most intraday gains. After briefly testing resistance at $2.61, a spike in volume between 13:39 and 13:42 coincided with profit-taking behavior. Selling pressure shaped a descending channel, with price retreating to close at $2.60, slightly above fresh support near $2.598. The move signals possible short-term exhaustion, as institutional distribution may be limiting further upside despite earlier accumulation.
Macro Conditions Continue to Shape Market Dynamics
đ Related Reading
- đ° Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
- đ° CFTCâs Goldsmith Romero says commissioner exodus ânot a great situationâ
The backdrop of NEARâs performance remains heavily influenced by shifting macroeconomic forces. As major economies recalibrate monetary policy in response to inflationary effects from ongoing trade disputes, institutional flows into digital assets like NEAR have intensified. The cryptocurrencyâs intraday pullback mirrors broader market hesitation, as participants digest global policy shifts and their implications for crypto-market structure and risk appetite.
Technical Indicators Analysis
- NEAR Protocol demonstrated considerable resilience during the preceding 24-hour period from 6 August 15:00 to 7 August 14:00, recovering from early session nadirs of $2.47 to close at $2.60, representing a compelling 5% gain.
- The cryptocurrency exhibited a classic accumulation pattern throughout the initial 18 hours, consolidating between $2.47-$2.52 before surging dramatically at 10:00 on 7 August with exceptional volume of 3.36 million unitsâapproaching threefold the 24-hour average of 1.20 million.
- This breakout established robust support at $2.51 and resistance proximate to $2.61, with the pronounced price expansion suggesting institutional accumulation followed by momentum-driven purchasing that could extend towards $2.65-$2.70 based upon measured move projections.
** 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.
đ You Might Also Be Interested In
Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
CFTCâs Goldsmith Romero says commissioner exodus ânot a great situationâ
Ether Eyes Biggest Monthly Gain Since 2022 as ETFs, Corporate Treasuries Drive Rally
đĄ Stay updated with the latest cryptocurrency news and insights by following our website! đ Bookmark this site to get first-hand blockchain and digital currency news!