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NEAR Protocol Sees $19.5M TVL Surge Despite Spot Sell-Off
NEAR Protocol [NEAR] is showing strong on-chain activity, with a notable rise in total value locked (TVL) and DEX volume. However, a significant sell-off in the spot market is tempering short-term optimism.
On-Chain Surge: TVL and DEX Volume Climb
Data from DeFiLlama shows that NEAR’s TVL increased from $91.71 million on September 7 to $111.23 million at press time — a $19.52 million jump, signaling heightened staking and liquidity inflows. At the same time, DEX trading volume surged to $62.35 million, its highest since late August.
This on-chain growth has been mirrored by a 17% price increase in the past two weeks, suggesting strong accumulation and rising investor interest in the protocol’s DeFi ecosystem.
Technical Indicators Remain Bullish
Momentum indicators support the bullish on-chain narrative. The Chaikin Money Flow (CMF) rose to 0.26, reflecting increasing capital inflow and strong buying pressure. Similarly, the Average Directional Index (ADX) has been trending upward, reinforcing the strength of the current rally.
“Positive CMF and rising ADX typically signal a strong upward trend,” analysts note.
These trends suggest that NEAR may be well-positioned for continued growth — but only if buyer interest holds.
Spot Market Weakness Signals Profit-Taking
Despite strong fundamentals, short-term price pressure is emerging from spot markets. Over the past 48 hours, approximately $9.64 million worth of NEAR has been sold across exchanges.
A $6.94 million sell-off was recorded on September 18, followed by an additional $2.90 million today. While single-day profit-taking is common, two days of consistent sell pressure could indicate early bearish sentiment.
If this trend continues, it may weigh on price momentum — though strong on-chain inflows could offer a counterbalance.
