NEAR Protocol Surges 8% as Bitwise Launches New Staking ETP
NEAR Protocol’s token (NEAR) experienced a significant price surge on July 1st and 2nd, driven by the announcement of a NEAR staking exchange-traded product (ETP) by Bitwise Asset Management. This positive news is expected to attract substantial institutional investment into the NEAR ecosystem.
The price action displayed a clear bullish reversal pattern. Over the 24-hour period from July 1st, 15:00 to July 2nd, 14:00 UTC, NEAR climbed from $2.09 to $2.13. However, the most dramatic price movement occurred between 04:00 and 06:00 UTC on July 2nd, with a surge to $2.18. This breakout was accompanied by exceptionally high trading volume, significantly exceeding the 24-hour average (4.56M and 3.76M compared to the average). The overall price increase of $0.16, representing a 7.6% gain, indicates strong buying pressure.
Technical analysis reveals key support at $2.02 and resistance at $2.17. The price consolidated above $2.11 in the final hours of July 2nd, suggesting the establishment of a new support level. This consolidation pattern points towards a potential continuation of the upward trend.
Further analysis of the last 60 minutes of trading (13:06 to 14:05 UTC on July 2nd) shows notable volatility. A sharp price spike between 13:40 and 13:48 UTC reached a peak of $2.15, followed by a correction to $2.13. This price action created clear resistance at $2.15 and support at $2.13. Volume spikes, particularly a high of 131,013 units at 13:48 UTC, confirmed the intensity of the upward movement during this period. The final consolidation around $2.14 suggests the formation of another support level, with the closing price representing a 0.5% gain for the hour despite the intra-hour pullback.
In summary, the price movement of NEAR indicates strong bullish momentum, likely fueled by the anticipated influx of institutional capital following Bitwise’s ETP announcement. The technical indicators suggest a potential for continued upward price action, pending further market developments.
