NEAR Rallies Toward $3.00 as Altcoin Rotation Gains Pace
NEAR Protocol extended its upward momentum on July 17, climbing over 5% as it broke above the key resistance level of $2.72. The surge reflects increasing investor appetite for altcoins amid capital rotation out of Bitcoin and into more speculative tokens.
The breakout comes at a time when the broader altcoin market is heating up, fueled in part by strong performance in AI-related tokens. The AI sector’s market cap rose to $33.64 billion, posting a 6.61% intraday gain, signaling a shift in risk appetite across crypto markets.
NEAR’s price action suggests a continuation of the uptrend, with bulls now targeting the $3.00 level. A clean breakout above that threshold could set the stage for a run toward $3.32, the next key resistance before a potential vertical move.
Technical Breakdown:
- Range: NEAR traded between $2.64 and $2.83, a 7% swing from its daily open.
- Highs: The token peaked at $2.83 on Wednesday morning after climbing steadily from a mid-session base of $2.74.
- Volume: Trading volume topped 4.4 million units, confirming strong interest behind the move.
- Support: Buyers stepped in repeatedly around the $2.67–$2.69 zone, providing a firm intraday floor.
- Resistance: Sell pressure surfaced near $2.81–$2.83, though NEAR broke through multiple levels into the close.
- Close: The day ended at $2.79, up more than 5% from the session’s opening price.
- Momentum: Late-session trading saw volume spikes above 100,000 units, pushing NEAR past resistance at $2.78, $2.79, and $2.80.
With strong volume backing the breakout and altcoin sentiment rising, NEAR remains well-positioned for further upside as it eyes a decisive move above $3.00.
