Grayscale’s New Listing Sparks 5% Rise in NEAR Price Despite Turbulent Market

NEAR Rises 5% as Grayscale Adds Token Despite Market Swings

NEAR Protocol (NEAR) advanced 5.09% over the 24 hours ending July 9 at 15:00 UTC, closing at $2.27. The token’s gains came in spite of a volatile market backdrop, fueled by heightened institutional interest and a surge in trading volumes.

Momentum was driven by news that Grayscale included NEAR in its Decentralized AI Fund during its quarterly portfolio rebalancing, granting the token a significant 28.41% allocation. This inclusion signals increasing institutional confidence in projects at the intersection of blockchain technology and artificial intelligence.

Broader Altcoin Market Gains Traction

NEAR’s positive performance echoes a cautiously improving sentiment across the altcoin sector. Analysts note that if Bitcoin (BTC), which remains steady around $111,144.30, breaks to new highs, it could trigger the long-anticipated “altcoin season.” In such a scenario, tokens like NEAR, with strong fundamentals and innovative narratives, could see additional upside.

Technical Market Overview

• Opening Price: $2.16
• Closing Price: $2.27 (+5.09%)
• Trading Range: Between $2.15 and $2.29, a $0.14 (6.20%) swing
• Notable Volume Spike: At 17:00 UTC, trading volume surged to 4.16 million units, pushing prices from $2.18 to $2.23
• Average 24-Hour Volume: 1.87 million units
• Key Levels: Resistance at $2.24, support around $2.21
• $2.25 Level: Served as both resistance and support multiple times during the session
• Momentum Shift: Strong late-session buying drove prices toward intraday highs
• Intraday Pullback: NEAR briefly dipped 1.64% to $2.25 around 14:36 UTC
• Recovery Trigger: A significant 515,008-unit trade at 14:56 UTC lifted the token from $2.25 to $2.26
• Final 30 Minutes: NEAR climbed 1.20% off session lows, closing on a bullish note

NEAR’s recent gains highlight its growing appeal among institutional players and its resilience in a turbulent market environment. Should overall crypto sentiment remain supportive, NEAR may be well-positioned for continued strength in the days ahead.