NEAR Protocol Achieves $244M TVL Milestone, Suggesting Potential for Continued Bullish Momentum

• NEAR Protocol has achieved a significant milestone, reaching $244 million in Total Value Locked (TVL), highlighting a new phase of bullish activity.

• This surge also accompanied a notable 10.82% price increase, demonstrating growing investor confidence in NEAR’s ecosystem.

• According to COINOTAG, “This achievement signals that NEAR is gaining traction in the highly competitive DeFi space.”

NEAR Protocol’s recent achievements mark critical points of growth and investor interest, indicating sustained bullish momentum and future potential.

NEAR’s breakout signals renewed momentum

The daily chart revealed an exciting breakout from a symmetrical triangle, a pattern often associated with strong directional moves. This breakout has paved the way for a potential rally toward $8.31, a critical resistance zone. Notably, the $4.00 level remains a strong support, ensuring a safety net for the bulls.

The technical indicators aligned with this bullish outlook. The Relative Strength Index (RSI) stands near 65, indicating there’s still room for upward movement before reaching overbought conditions. Simultaneously, the MACD has confirmed a bullish crossover, with the histogram reinforcing a growing positive trend. Consequently, the breakout appears to have both technical and market momentum behind it.

Source: TradingView

Why social dominance hasn’t caught up?

Despite the price surge, its social dominance has surprisingly dropped, sitting at 0.0089%. This decline indicated that while whales and institutions may be fueling the rally, retail traders remained cautious. However, this reduced chatter could work in NEAR’s favor if it signals the untapped potential for greater retail participation. Increased adoption and higher social activity would likely amplify this rally further.

Source: Santiment

Development activity provides a solid foundation

Another crucial factor is the development activity, which currently stands at a moderate 14.82. While not exceptionally high, this level reflects steady progress within the ecosystem. Historically, ecosystems with consistent development tend to attract long-term investors. Therefore, the ongoing activity reinforces the token’s long-term credibility, even if it doesn’t currently drive short-term price spikes.

Source: Santiment

Market sentiment spikes

In contrast to social metrics, the Open Interest (OI) has surged by 19.02%, reaching $404.88 million. This sharp increase indicates heightened interest from institutional players and leveraged traders. Such an uptick often signals optimism for continued price growth. Consequently, NEAR’s market sentiment appears to be shifting in favor of bullish momentum.

Source: Coinglass

Is NEAR poised for a bigger move?

NEAR Protocol’s $244 million TVL milestone, combined with its technical breakout and growing OI, positions it for further growth. However, subdued social dominance suggests there’s room for greater retail participation. If NEAR sustains this momentum and breaches the $8.31 resistance, it could trigger a broader bullish rally in the ecosystem. Therefore, all signs point to NEAR being ready for its next big move.

Read Near Protocol’s [NEAR] Price Prediction 2024–2025

Conclusion

In summary, NEAR Protocol’s recent performance highlights significant technical and market developments that suggest continued bullish potential. As the cryptocurrency landscape evolves, investor engagement, particularly from retail, will be crucial for sustaining momentum. The indicators point towards an optimistic future for NEAR, making it a token to watch closely in the upcoming weeks.