NEAR Protocol Clears Resistance on Volume Surge as Crypto Sentiment Turns Upbeat
NEAR Protocol rallied strongly on July 7, breaking through a key resistance level as part of a broader wave of optimism sweeping across the cryptocurrency market. The token rose sharply during the final hour of trading, driven by a 61% increase in volume above its 24-hour average—confirming a breakout from an ascending triangle formation.
NEAR held solid support in the $2.16–$2.17 zone throughout the session before decisively pushing past the $2.19–$2.20 resistance band. The move gained momentum between 13:05 and 14:04 UTC, with NEAR climbing 1.13% from $2.17 to $2.19. A high-volume breakout occurred at 13:57 UTC, forming a classic cup-and-handle pattern—often interpreted as a bullish continuation signal.
The rally aligns with broader market momentum, as Bitcoin climbed past $109,000 and approaches its all-time high of $111,970. Total crypto market capitalization rose to $3.36 trillion on the back of a 40% surge in daily trading volumes, setting a supportive backdrop for altcoins like NEAR.
Despite the rebound, NEAR remains well below its January 2022 peak of $20.42. Still, the token has recorded 14 green days over the past month, and with its Relative Strength Index (RSI) at 31.09, technicals suggest NEAR may still be in oversold territory—leaving room for potential upside.
Key Technical Takeaways:
- NEAR traded between $2.16 and $2.22 over the 24-hour period ending July 7, 14:00 UTC, marking a 3.15% range.
- Trading volume spiked to 1.97 million, well above the daily average of 1.22 million.
- A decisive breakout at $2.19–$2.20 occurred amid strong buyer momentum and pattern confirmation.
- A mid-session dip to $2.16 was met with aggressive buying, leading to a rally and brief high of $2.22.
- Volume spikes at 13:57–13:58 UTC confirmed the breakout, forming a bullish cup-and-handle structure.
CD20 Index Reflects Market Uncertainty
The CD20 Index also saw heightened volatility over the same timeframe, ranging between $1,772.50 and $1,793.57—a 1.17% swing. After dipping to session lows at 13:00 UTC, the index recovered to close at $1,780.94, indicating ongoing indecision among market participants.
