Near Protocol [NEAR] has extended its bullish advance since it broke out from a pennant formation in the last few days.
In the last 24 hours alone, the token’s prices saw a 15% gain, with its daily volume doubling to $609 million. Such an increase in both price and volume increases the chances of the anticipated breakout, with the next level of resistance coming in at $2.55.
The move is timed very well, considering that the NEAR Foundation recently announced quantum-safe signing and confidential execution.
Network activity adds to the bullish setup
NEAR’s on-chain metrics have improved following the recent rise in the token’s price..
The amount of inflows into the network has skyrocketed to $6.03 million over the past 24 hours, showing a sharp increase in capital moving into the ecosystem.
If the trend is sustained, NEAR inflows could provide additional support as fresh capital translates into stronger demand for the token.
At the same time, long-term metrics are also flashing bullish signals. Notably, Near Protocol’s holder revenue has jumped to $112K. This points to increased economic activity across the network and could reinforce the improving market backdrop.
Can NEAR reach $2.55?
The fact that bulls are pushing with intent, coupled with a 15% daily rally and a doubling in volume, NEAR’s short-term outlook has considerably improved.
The next major resistance sits at $2.55. Should the buyers retain the current momentum and see an increase in volume, NEAR could extend its uptrend towards the key point of interest. The token is now trading above all key EMAs on the daily chart, affirming the bullish setup.
That said, the magnitude of the current rally also increases the chances of a near-term correction. A rejection from the $2.55 level could lead to a retreat in the cryptocurrency to the breakout zone where the former resistance acts as support.
As it stands, price action and network metrics seem to be on the same page. The important thing to see will be whether the buyers have enough momentum to make $2.55 the next breakout point.
Final Summary
- NEAR has jumped by 15% in 24 hours as trading volume doubled to $609 million following its pennant breakout.
- Network inflows reached $6.03 million while holder revenue climbed to $112K, strengthening the bullish setup.
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