Can NEAR target $3.2 breakout after $626M trading week?

Key Takeaways

What’s driving NEAR Protocol’s recent surge and bullish momentum? 

Record trading volume, whale accumulation, and strong buyer dominance across markets are fueling the rally.

Could NEAR break past its resistance and extend gains?

Yes, if buying pressure and ecosystem growth persist, NEAR could target the $3.8–$4.0 range.

NEAR Protocol [NEAR]  is breaking down barriers once again.  Over the last 24 hours alone, the token has surged significantly by over 12%, before retracing 4%, at the time of writing.

That’s not all, the token trading volume has also skyrocketed to an all-time high. According to the recent Token Terminal’s reports, the token recorded a weekly trading volume of $626 million.

This sequential surge highlights growing enthusiasm around NEAR’s ongoing ecosystem developments.

Source: Token Terminal

NEAR whales are making moves

In addition to the surge in trading volume, AMBCrypto’s analysis of Spot Average Order Size data reveals that NEAR whales are actively accumulating large orders.

This accumulation appears to be strategically timed, coinciding with the recent spike in trading activity.

Source: CryptoQuant

Buyers regain control

On the derivative markets, Futures 90-day Taker CVD data indicates a significant surge in the token’s buyers’ dominance. The surge reflects a renewed accumulation across spot and derivatives markets.

Buyer dominance is reinforcing NEAR’s current bullish technical setup.

At the time of writing, the token was testing the $3.2 resistance level, a barrier that has repeatedly halted upward moves in recent weeks.

If buying momentum continues at this pace, NEAR could break through and turn this resistance into a support level, paving the way for a sustained rally.

Source: CryptoQuant

Positive fundamentals add to the bullish outlook

Beyond the technical setup, NEAR’s fundamentals continue to impress. Its growing ecosystem activity, developer expansion, and rising transaction throughput have boosted investor sentiment in recent weeks.

Just recently, the token was integrated with Thorwallet, just a week after its halving event. The after-development tremors are still visible on the altcoin price action.

Still, investors should watch for volatility near the $3.2 resistance level. The key liquidity zone has witnessed several rejections in the past.

Also, NEAR’s Sochastic RSI was in an overbought region, at press time, hinting at a potential short-term price correction ahead.  However, a clean break above the resistance zone could open the door for a move toward the next major target around $3.8–$4.0

Source: TradingView

Also, NEAR’s momentum looks far from over.

The token’s Trading Volume was at record highs, and buyers are regaining control.  If bullish sentiment holds, the coming days could mark a decisive turning point for the token’s next major rally phase.