NEAR Protocol Pushes Through $2.19 Barrier on Heavy 61% Volume Spike

NEAR Protocol Breaks Resistance as Trading Volume Spikes, Signaling Renewed Crypto Optimism

NEAR Protocol surged past a key resistance level on July 7, riding a wave of renewed bullish sentiment in the crypto market. The breakout occurred during the final trading hour, supported by a 61% surge in trading volume over the daily average, confirming an ascending triangle pattern that had been forming throughout the day.

Throughout the session, NEAR maintained strong support between $2.16 and $2.17, repeatedly bouncing off this range before finally breaching resistance at $2.19 to $2.20. The decisive push higher unfolded between 13:05 and 14:04 UTC, during which NEAR climbed 1.13% from $2.17 to $2.19. Analysts highlighted the move as completing a classic “cup and handle” formation—a pattern often viewed as a bullish signal.

This rally comes as Bitcoin edges closer to its record high of $111,970, recently crossing the $109,000 threshold, contributing to broader market enthusiasm. The overall crypto market capitalization has risen to $3.36 trillion, accompanied by a significant 40% jump in trading volume, creating a favorable environment for altcoins like NEAR.

Despite the latest surge, NEAR remains far below its all-time high of $20.42 set in January 2022. Technical indicators remain mixed, as NEAR has recorded gains in 14 of the past 30 days, while an RSI reading of 31.09 suggests the asset is still in oversold territory, potentially leaving room for additional upside.

Technical Highlights:

• NEAR traded between $2.16 and $2.22 over the 24-hour period ending July 7 at 14:00 UTC, reflecting a 3.15% price range.
• Trading volume spiked to 1.97 million, significantly above the 24-hour average of 1.22 million.
• A decisive breakout through $2.19–$2.20 resistance coincided with elevated buying pressure.
• NEAR briefly touched a high of $2.22 after rebounding from mid-session lows around $2.16.
• Volume surges between 13:57 and 13:58 UTC helped confirm the breakout and the cup-and-handle pattern.

CD20 Index Sees Sharp Swings Before Stabilizing

Meanwhile, the CD20 Index saw notable volatility over the same period, fluctuating between $1,772.50 and $1,793.57—a range of 1.17%. After dipping to its session low at 13:00 UTC, the index recovered to close at $1,780.94, highlighting ongoing indecision among traders.