NEAR Protocol (NEAR) Price on the Rise Amid Positive Market Momentum

NEAR Protocol (NEAR) Price on the Rise Amid Positive Market Momentum

NEAR Protocol’s price has surged significantly, riding the wave of a positive market trend. Currently in an upward trajectory, NEAR has emerged as one of today’s top-performing cryptocurrencies, signaling the potential for further gains.

NEAR Protocol Price Surge: Positioned for Further Growth

NEAR Protocol has posted an impressive 31% increase over the past week, benefiting from the growing momentum in the AI cryptocurrency sector, which has now reached a market cap of $2.22 trillion. This remarkable rise highlights NEAR’s strong potential for continued growth within the rapidly expanding AI token ecosystem.

In the last 24 hours, NEAR’s price has seen notable growth, climbing above $5.11 after a sharp 15% increase. The token started the day at $4.42, reaching a peak of $5.22 before slightly retreating. This impressive upward movement comes amid a volatile market, showcasing NEAR’s resilience and strength.

Bullish Indicators Suggest NEAR Could Reach $10

Technical indicators on Binance reflect a clear bullish trend for NEAR. The Moving Average Convergence Divergence (MACD) histogram shows increasing green bars, signaling building momentum. The MACD line has crossed above the signal line, reinforcing the ongoing uptrend and suggesting further potential for price growth.

According to Coinglass data, NEAR Protocol’s derivatives market has also seen significant gains. Trading volume has soared by 198%, surpassing $1.03 billion, while open interest in derivatives has jumped 41.91%, reaching $262.50 million. These figures point to growing interest and increased activity in NEAR’s derivatives products.

Furthermore, NEAR has broken above a recent consolidation pattern, indicating the potential for further upward movement if the current momentum continues. Should bullish pressure persist, NEAR could first test the $6 level, with the possibility of rallying beyond the $10 resistance in the near future.