Key Takeaways:
NEAR Protocol’s native token (NEAR) rallied 10% on May 13 as its 24-hour trading volume doubled to over $1 billion, pushing the token toward a critical resistance level of $1.86.
"This isn't just a price pump; the two-fold increase in volume suggests strong conviction from buyers," said Jason Wu, an on-chain analyst at Edgen. "Traders are closely watching the $1.86 level. A clean break and hold above it on high volume could confirm a new leg up."
The surge in trading activity was observed across major exchanges, with buy orders significantly outpacing sell orders. This move comes as other parts of the crypto market, particularly AI-related tokens, have also seen sharp gains, suggesting a potential rotation of capital into promising altcoins. For instance, tokens like LAB and Billions Network (BILL) have posted significant gains, indicating a broader risk-on appetite in the market.
The key test for NEAR now is whether it can sustain this momentum. A rejection at the $1.86 resistance could see the price retrace to the $1.70-$1.75 range. However, a successful breakout would open the door for a move toward the $2.00 psychological level and potentially higher, signaling the start of a larger upward trend.
This article is for informational purposes only and does not constitute investment advice.
