NEAR Protocol Rockets Past $2.19 Level Amid 61% Surge in Volume

NEAR Protocol Breaks Key Resistance as Crypto Market Momentum Builds

NEAR Protocol staged a decisive breakout on July 7, signaling potential for further gains as the broader cryptocurrency market regains strength. The token surged past a critical resistance level during the final trading hour, supported by a significant spike in volume—61% above its daily average—which confirmed the breakout from an ascending triangle pattern that had been forming throughout the day.

Trading activity shows NEAR-USD held firm support between $2.16 and $2.17 with multiple rebounds before finally overcoming resistance in the $2.19–$2.20 zone. The move was particularly sharp in the hour ending at 14:04 UTC, when NEAR rose 1.13% from $2.17 to $2.19, forming what analysts identify as a classic cup-and-handle pattern.

The breakout coincides with renewed optimism across crypto markets, fueled in part by Bitcoin’s climb past the $109,000 mark, bringing it closer to its all-time high of $111,970.

Overall crypto market capitalization has grown to $3.36 trillion, buoyed by a 40% surge in trading volume, creating favorable conditions for altcoins like NEAR to capitalize on positive sentiment. Despite recent gains, NEAR remains significantly below its all-time high of $20.42 reached in January 2022. Current technical indicators remain mixed: NEAR has logged gains in 14 of the past 30 days, but an RSI of 31.09 indicates the asset is still in oversold territory, potentially signaling room for further recovery.

Technical Highlights:

NEAR-USD traded in a volatile range from $2.16 to $2.22 over the 24-hour period from July 6, 15:00 UTC, to July 7, 14:00 UTC, a swing of 3.15%.
The token established solid support at $2.16–$2.17, eventually breaching resistance at $2.19–$2.20 on heavy volume (1.97M, versus a 24-hour average of 1.22M).
The breakout above $2.19, coupled with the ascending triangle pattern, suggests potential for continued upward momentum, with $2.22 as the next resistance target.
NEAR surged 1.13% between 13:05 and 14:04 UTC on July 7, moving from $2.17 to $2.19.
A decisive breakout occurred during a volume spike between 13:57 and 13:58 UTC (143,856 units), forming a cup-and-handle pattern.
Support at $2.16 held firm during a mid-session pullback, fueling a rally that peaked at $2.19 before minor profit-taking set in.

CD20 Index Sees Sharp Volatility Before Stabilizing

The CD20 index also experienced notable volatility in the same 24-hour period, swinging 1.17% between a high of $1,793.57 and a low of $1,772.50.

After peaking early on July 7, the index fell sharply to $1,772.50 by 13:00 UTC before rebounding to $1,780.94 by the period’s close, suggesting a potential phase of stabilization following recent turbulence.