NEAR Protocol jumped 15% in 24 hours as daily trading volume doubled to $609 million, extending a rally that began with a breakout from a pennant formation. Network inflows and holder revenue are also climbing, with traders now watching whether the token can clear $2.55 resistance.
NEAR Protocol has extended its bullish advance since it broke out from a pennant formation in the last few days. In the last 24 hours alone, the token's price gained 15%, while its daily volume doubled to $609 million.
The increase in both price and volume raises the chances of the anticipated breakout, with the next level of resistance coming in at $2.55. The move is timed well, since the NEAR Foundation recently announced quantum-safe signing and confidential execution.
Network activity adds to the bullish setup
NEAR's on-chain metrics have improved following the recent rise in the token's price. Inflows into the network have climbed to $6.03 million over the past 24 hours, showing a sharp increase in capital moving into the ecosystem. If the trend is sustained, NEAR inflows could provide additional support as fresh capital translates into stronger demand for the token.
At the same time, longer-term metrics are also flashing bullish signals. Near Protocol's holder revenue has jumped to $112K, pointing to increased economic activity across the network.
Can NEAR reach $2.55?
Bulls are pushing with intent, and the 15% daily rally paired with doubled volume has considerably improved NEAR's short-term outlook. The token is now trading above all key EMAs on the daily chart, affirming the bullish setup. Should buyers retain the current momentum and see a further rise in volume, NEAR could extend its uptrend toward the $2.55 level.
However, the size of the current rally also raises the chances of a near-term correction. A rejection from $2.55 could send the token back to the breakout zone, where the former resistance would act as support.
Source: AMBCrypto
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