NEAR Protocol [NEAR] has surged over 11% in recent trading, moving from around $2.32 to $2.59 according to latest reports from AMBCrypto. The token is now just $0.10 away from the $2.55 resistance level that was previously identified, following a breakout from a pennant formation that occurred in recent days. The latest rally represents a continuation of the momentum that began with a 10% gain in the last 24 hours, with trading volume surging 67% to $676 million. The defense of the $2.28 demand zone has been crucial for maintaining bullish momentum, with buyers successfully defending this key support level before launching the current upward trajectory.
NEAR's infrastructure arm has achieved a significant milestone with Intents volume crossing $27 billion across 34 different chains, as reported by AMBCrypto. This infrastructure enables assets to move across chains behind the scenes, with major platforms including Ledger wallets, Brave browsers, and platforms like Infinex and LI.FI all integrating the technology. Notably, Zcash [ZEC] can now move into Solana [SOL] through NEAR Intents, while Confidential Hyperliquid [HYPE] perps are extending that same rail toward private trading. The growing adoption of NEAR Intents is positioning it as the plumbing that other platforms can rely on, strengthening the underlying ecosystem narrative for the token.
NEAR's on-chain metrics have shown substantial improvement following the recent price rally, with holder revenue reaching a new monthly high of $723K on September 9th, according to AMBCrypto. The network has recorded weekly progressive gains in holders' revenue, indicating sustained economic activity across the ecosystem. Additionally, Total Value Locked (TVL) has skyrocketed to $197.99 million, further affirming strong market sentiment. The simultaneous increase in both holder revenue and TVL metrics suggests robust network activity and could reinforce the improving market backdrop for NEAR Protocol.
The token is currently trading above all key Exponential Moving Averages (EMAs) on the daily chart at $2.43, suggesting that its bullish momentum is far from exhaustion according to AMBCrypto analysis. RSI was up at 74, entering overbought territory for the first time since a similar run back in May-June, though this time the MACD line was above the signal line with growing histogram bars. The derivatives market shows Aggregated Open Interest [OI] at $458 million at press time, with OI increasing since the beginning of the month after going sideways for a time. Funding Rates have stayed mostly positive throughout, around 0.0117 lately, indicating that traders have largely been comfortable staying long, suggesting continued bullish sentiment.
The timing of NEAR's advance is particularly significant as the NEAR Foundation recently announced quantum-safe signing and confidential execution, as reported by AMBCrypto. This development provides additional support for the token's bullish momentum and reinforces the improving market backdrop for Near Protocol's ecosystem. With NEAR closing above the $2.50 local high, the token is positioned for a potential breakout to the $3 target level. The prevailing market sentiments may act as a tailwind if buyers manage to stay above the breakout region, though a rejection near $2.50 may result in the return to the $2.28-zone. The fact that price action and network metrics seem to be on the same page, combined with the major adoption milestone achieved by Intents infrastructure, suggests strong fundamental support for the token's continued rally toward the $3 target.
