NEAR Climbs 5% as Grayscale Adds Token Despite Market Volatility
NEAR Protocol (NEAR) posted a 5.09% gain over the 24 hours ending July 9 at 15:00 UTC, finishing the session at $2.27. The token’s rise came amid choppy market conditions, driven largely by increased institutional interest and higher trading volumes.
The positive momentum followed news that Grayscale added NEAR to its Decentralized AI Fund during its latest quarterly rebalancing, assigning the token a significant 28.41% portfolio weighting. The move highlights growing institutional confidence in projects that blend blockchain technology with artificial intelligence.
Altcoin Market Sentiment Strengthens
NEAR’s advance reflects a broader trend of cautious optimism across the altcoin sector. Analysts believe that if Bitcoin (BTC), which held firm at $111,144.30, breaks to new highs, it could ignite a long-anticipated “altcoin season.” Projects like NEAR, with strong fundamentals and innovation narratives, stand to benefit in such an environment.
Technical Market Snapshot
- Opening Price: $2.16
- Closing Price: $2.27 (+5.09%)
- Price Range: $2.15 to $2.29, a $0.14 (6.20%) fluctuation
- High Volume Activity: At 17:00 UTC, volume spiked to 4.16 million units, driving prices from $2.18 to $2.23
- 24-Hour Average Volume: 1.87 million units
- Support and Resistance: Key resistance at $2.24, with support around $2.21
- $2.25 Level: Acted as a pivot point, serving as both support and resistance during the session
- Momentum Signals: Strong late-session buying propelled prices toward intraday highs
- Intraday Dip: NEAR briefly declined 1.64% to $2.25 around 14:36 UTC
- Recovery Trigger: A significant 515,008-unit trade at 14:56 UTC lifted the token from $2.25 to $2.26
- Final 30 Minutes: NEAR gained 1.20% off session lows, closing with positive momentum
NEAR’s solid performance underscores its growing appeal to institutional investors and its resilience amid market volatility. If favorable market conditions persist, NEAR could be poised for further upside in the near term.
