NEAR Protocol’s token has rallied 13.02% in the past 24 hours. It was up 44% since last Tuesday’s low at $0.953. In a week, its Open Interest has leapt by 81%, according to Coinalyze data.
The swift short-term gains and the heightened speculative interest suggested the bullish momentum was strong. It appeared the crypto AI sector was performing well, overall. Altcoins such as Bittensor [TAO] and Virtuals Protocol [VIRTUAL] also showed short-term bullishness.
High spot volume reflected NEAR bulls’ conviction
NEAR Protocol token prices slipped below a long-term range during the sell-off toward the end of 2025.
In doing so, the $1.82-$1.88 area was established as a supply zone. The $1.42 support from December was broken toward the end of January, showing seller dominance.
At the time of writing, the same resistance level was being retested. The MACD was about to form a bullish crossover above the zero line.
The spot trading volume has been above the 20-day moving average for the past six days.
This caused the A/D indicator to creep higher, making slightly higher highs compared to February. Overall, the buying volume hinted at a breakout beyond $1.42.
At the same time, swing traders and investors must remember that the long-term NEAR trend has been bearish since October.
Traders should not FOMO into long positions yet
Given the short-term momentum, this idea seems counterintuitive. Yet, traders must respect the long-term trends. The bearish swing move from $1.89 down to $0.84 needs to be closely examined.
Zooming in on the same 1-day chart, two imbalances and key Fibonacci retracement levels were highlighted.
The $1.5 and $1.67 were the notable resistances where the current move would likely halt.
Based on the evidence at hand, traders should curb their eagerness to go long on NEAR. Meanwhile, a breakout beyond $1.89 is needed to confirm a bullish swing structure. A retracement from such a breakout would be a buying opportunity.
Final Summary
- The NEAR Protocol price action has been strongly bullish over the past week, alongside some of the other notable crypto AI tokens.
- This short-term bullishness masked a longer-term downtrend.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
