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NEAR rebounded strongly with gains of 17% in one day and 9% over the following 24 hours, supported by progress toward a Bitwise NEAR ETF, rising revenue and TVL for Near Intents, and continued token buybacks. The asset faces resistance near $5, with a possible decline toward $4.50 in a bearish scenario.
Near Protocol bounced off nicely from its one-day correction with a 17% surge in a single day. The continuation, which has seen NEAR gain another 9% in the past 24 hours, was fueled by both fundamentals and network activity.as analyzed earlier.
A Bitwise NEAR ETF approval and a surge in revenue and TVL of Near Intents have played a key role in this rebound. , Bitwise NEAR ETF received approval to list and trade on NYSE Arca under the ticker NRR. Coinbase will be the custodian, with the Trust staking itsHowever, the SEC has yet to approve or disapprove its effectiveness.
Still, Bitwise teased a potential start to trading of the product on X, with a postThe post suggests that trading of the ETF is just a matter of time. Following Bitwise’s final prospectus, the filing targeted a base price of $155 by 2030 with a max case of $562. On the flip side, $1.63 was their bear case.
Meanwhile, on the network side, Near Intents continued to do the heavy lifting of the ecosystem. Since their launch, TVL has grown continuously, now at a new high of $249 million.
Moreover, since February, Near Intents has used all its revenue to buy back the altcoin from the open market, reducing supply in circulation. In addition, the protocol still burns 70% of the base-layer gas. Why are bulls struggling to keep the price above $5? On the charts, NEAR is trading in an ascending trend channel, but bulls are facing stiff resistance around $5.
This situation is probably due to some profit-taking, as the CVD shows that over 760K NEAR were sold on the Binance spot market paired with USDT at the time of the press. Even with the potential signs of a correction, the pattern often indicates buying pressure as the market is still making higher highs and lows. The correction bit explains why bulls are struggling to keep the altcoin above $5.
In the short term, $4.50 or lower remains a target in a bearish scenario. For bullish targets, the Bitwise NEAR ETF effect could help theBitwise NEAR ETF approval to list and trade on NYSE Arca amplified the altcoin’s rebound from its one-day correction. NEAR bulls were struggling to keep the price above $5 due to profit-taking, but continuation could send it to $8.
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