NEAR Protocol Rallies 9% Following Market Dip and Everclear Partnership
During the 24-hour trading period ending July 24 at 15:00 UTC, NEAR Protocol experienced significant volatility, with prices fluctuating between $2.59 and $2.83. Early in the session, the token dropped sharply from $2.82 to $2.59, accompanied by robust trading volume of 7.91 million units, establishing a solid support level.
This price drop attracted strong buying interest, driving a recovery to $2.81 by the session’s close, signaling confidence among investors looking to capitalize on the lower valuations.
In the final hour, NEAR continued to gain momentum, rising 2% from $2.72 to $2.79 despite some profit-taking near resistance at $2.82. This formed a well-defined trading channel, with support at $2.79, indicating healthy price consolidation and potential institutional accumulation.
Alongside this price action, NEAR announced a strategic partnership with Everclear to build cross-chain stablecoin settlement infrastructure. This collaboration aims to tap into the $1 trillion digital asset clearing market by combining Everclear’s growing presence across 23 blockchains with NEAR’s Chain Abstraction technology, enabling efficient and cost-effective cross-chain transactions.
The partnership also addresses key regulatory and liquidity challenges in the digital asset space, reinforcing NEAR’s strong market position and long-term growth outlook amid ongoing volatility.
Technical Highlights
- Price swung 9% intraday, ranging from $2.59 to $2.83
- Early session sell-off to $2.59 supported by 7.91 million units traded
- Support level confirmed at $2.59 with evidence of institutional buying
- Price bounced back to $2.81 by session close
- Final hour saw a 2% gain from $2.72 to $2.79
- Trading channel established with support at $2.79 and resistance at $2.82
- Profit-taking followed intraday high of $2.82
