Bitwise Charges Toward NEAR ETF Approval—Token Volume Spikes 50% as Traders Eye $3
Wall Street’s latest crypto crush? NEAR Protocol. Bitwise just filed for the first-ever NEAR ETF, sending trading volumes rocketing 50% overnight. Cue the institutional FOMO.
Pump or prudent bet? The token’s hovering around $2.50—up 18% this week—as derivatives traders pile into $3 calls. ’We’re seeing classic pre-ETF positioning,’ quips one analyst, ’though let’s be honest, half these hedge funds still think NEAR is a typo for NEO.’
Regulatory gauntlet ahead: The SEC hasn’t approved a non-Bitcoin, non-Ethereum crypto ETF since... ever. But with BlackRock lurking in every altcoin’s DMs these days, stranger things have happened.
NEAR Price Outlook
NEAR currently sits as the 44th largest crypto by market cap at $2.78 billion. AltCryptoCast’s founder Sjuul commented on X that NEAR remains in a “clear bullish trend” and is currently testing a crucial support-resistance flip.
$NEAR is still trading in a very clear bullish trend.
Now we are potentially forming the high timeframe higher low at a key support/resistance level.
Probably nothing, right? pic.twitter.com/64GROATL4I
— Sjuul | AltCryptoGems (@AltCryptoGems) May 6, 2025
Popular crypto analyst LaCryptoLycus called the altcoin one of the most underappreciated in the current market cycle. He noted NEAR’s recent stabilization above the $1.75 support level, suggesting that if the token reclaims the $3.70 level, it could surge to $5 in the coming weeks.
$NEAR, one of the most undervalued altcoins had formed a bearish failure swing before the start of this year.
Since then, $NEAR has continued to decline but the price now appears to be stabilizing above the $1.75 support zone. If it can reclaim the $3.70 resistance level then we… pic.twitter.com/Vtq0Xd2K6q
— LaCryptoLycus🐺 (@CryptoLycus) May 6, 2025
On the daily NEAR price chart, the RSI sits around 45, suggesting the token is moving slightly toward bearish momentum. If buying interest continues, this neutral territory could offer a base for a potential upward trend.
NEAR price chart with RSI and Bollinger Band | Source: TradingView
Meanwhile, Bollinger Bands show a squeeze pattern forming, with NEAR trading just below the mid band (20-day SMA). This compression hints at an upcoming breakout or breakdown, depending on the trading volume.
A sustainable hold above the middle band near $2.40 could mark bullish continuation toward the $2.70-$3.00 zone.
NEAR price chart with MACD | Source: TradingView
On the other hand, the MACD line just crossed below the signal line, with histogram printing red bars. This generally indicates weakening upward momentum. Still, if bulls manage to cross the $2.20-$2.25 support band, they could see a bullish reversal.
nextBitwise Seeks NEAR ETF Approval: Token’s Trading Volume Soars 50%, $3 Next?
