NEAR Protocol Rallies 6% on $7.6M Institutional Inflows, Tests $2.94 Resistance
NEAR Protocol surged 5.8% from $2.75 to $2.91 between August 12 and 13, driven by over $7.6 million in institutional inflows. The cryptocurrency broke multiple resistance levels and established firm support at $2.76, with volume peaks more than double the 24-hour average. In the final hour, NEAR Protocol faced a brief pullback, touching $2.94 resistance before consolidating around $2.90 on lower volume.
Broader market trends favored Layer-1 assets, as global crypto investment products saw $572 million in inflows. Weekly active users on NEAR Protocol jumped 18.4% to 16 million, surpassing Solana’s 14.8 million, backed by partnerships with Aurora Labs and growing developer engagement. These factors underscore sustained bullish momentum and set the stage for a potential test of the $3.00 psychological level.
Bullish
Heavy institutional inflows of $7.6 million and successive resistance breaks signal strong market conviction in NEAR Protocol. Volume surges above twice the daily average confirm bullish momentum, while support at $2.76 provides a clear floor. User growth outpacing Solana shows robust network adoption. Similar moves in other Layer-1 tokens have preceded sustained rallies, suggesting NEAR Protocol could test the $3 level in the short term. Long-term fundamentals remain intact thanks to strategic partnerships and rising developer activity.