NEAR Price Surge: Could a 50% Jump Be Coming Soon?

NEAR Price Surge as Buying Pressure Grows: Will It Break Resistance?

NEAR Price Surge – In the last 24 hours, NEAR has gained significant momentum, rising by 8.32% as market sentiment turned bullish. According to AMBCrypto’s analysis, there could be a further 50% price increase, contingent on several factors, including buying sentiment in the spot and derivatives markets, liquidity inflows into the NEAR protocol, and upcoming resistance levels.

At present, spot market traders have resumed buying activity. Over $474,000 worth of NEAR has been purchased, as seen in the exchange netflow data. This marks a reversal from the previous day when $1 million worth of NEAR was sold off by spot traders. The resumption of buying suggests the continuation of a potential bullish trend, particularly if more NEAR is bought in the coming sessions.

Liquidity Inflows Show Bullish Outlook

An increase in Total Value Locked (TVL) further supports the bullish outlook. As of now, an additional $11.77 million has been added to NEAR’s protocols, raising the TVL from $154.12 million to $165.89 million. This indicates that buying activity is not only returning but is also likely to maintain a long-term bullish trend, as the liquidity being locked typically signals confidence in the asset’s future performance.

Futures Market Turns Bullish with Positive Funding Rates

In the Futures market, sentiment has also shifted from negative to positive. The OI-weighted funding rate, a metric that combines open interest and funding rates, turned positive after two days in the negative. This suggests that a market rally could be imminent. The liquidation data confirms this, with $215,000 worth of short contracts being liquidated, indicating strong buying pressure.

NEAR Poised for Breakout at $4.84 Target

On the price charts, NEAR is showing a bullish pattern, trading within a descending triangle—a technical formation often seen before major rallies. For NEAR to rally further, it must break the current resistance level. If successful, a potential 53.85% rise could push NEAR to the $4.84 mark, aligning with the bullish market sentiment.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.