Investors Drive NEAR Protocol Up 9% Following Market Dislocation
NEAR Protocol Gains 9% Amid Market Volatility and Everclear Partnership
NEAR Protocol saw notable price swings in the 24 hours ending July 24 at 15:00 UTC, trading between $2.59 and $2.83. The token experienced a sharp drop from $2.82 to $2.59 early in the session, with heavy volume of 7.91 million units establishing a key support level.
Buyers quickly stepped in, pushing the price back up to $2.81 by the close, signaling strong interest at discounted prices.
In the final hour, NEAR climbed 2% from $2.72 to $2.79, despite some profit-taking near resistance at $2.82. This price action created a clear trading channel, with support at $2.79, reflecting healthy consolidation and institutional accumulation.
Meanwhile, NEAR announced a strategic partnership with Everclear to develop cross-chain stablecoin settlement infrastructure. This move targets the $1 trillion digital asset clearing market by leveraging Everclear’s expansion across 23 blockchains and NEAR’s Chain Abstraction technology, facilitating efficient and low-cost cross-chain transactions.
The partnership addresses regulatory hurdles and liquidity fragmentation, reinforcing NEAR’s strong position and growth prospects amid market fluctuations.
Technical Highlights
- 9% intraday range between $2.59 and $2.83
- Early sell-off to $2.59 with volume of 7.91 million units
- Support confirmed at $2.59, backed by institutional buying
- Recovery to $2.81 by session end
- Final hour gain of 2% from $2.72 to $2.79
- Trading channel formed with support at $2.79 and resistance at $2.82
- Profit-taking after reaching $2.82
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