NEAR Rockets 8% as Altcoin Rally Ignites Market Frenzy
NEAR Protocol leads the charge as altcoins stage a bullish takeover—defying Bitcoin's sideways grind with double-digit gains.
Market movers: The smart contract token surged past key resistance levels, outperforming major peers. Trading volume spiked 140% as traders rotated out of stablecoins.
Behind the surge: Layer-1 chains are back in vogue after months of Ethereum dominance. NEAR's sharding tech and developer grants finally get their moment—just as Wall Street 'experts' start warning about 'altseason froth'.
Reality check: These are the same analysts who missed Bitcoin at $20K.
- Overall trading range reached $0.16 representing 5.89% of the trading range during the 24-hour period under examination.
- High-volume surge of 5.81 million tokens occurred at 16 July 14:00, significantly exceeding the 24-hour average of 2.55 million tokens.
- Key resistance emerged at $2.70-$2.72 levels where price reversed on elevated volume during peak trading hours.
- Support consolidated around $2.56-$2.62 with multiple successful retests throughout the trading session.
- The final 60 minutes from 16 July 15:06 to 16:05 demonstrated a decline from $2.71 to $2.68 representing a 1.11% drop with a $0.05 intraday range.
- Sharp sell-off period featured elevated volume spikes exceeding 230,000 tokens at 15:16 and 15:36 during the consolidation phase.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
