NEAR Protocol Holds $2.42 Support as Buyers Return Amid Broader Market Turmoil
NEAR Protocol displayed notable resilience on Thursday, bouncing back from a sharp pullback as global markets contended with renewed volatility. The rebound from $2.42 support coincided with increasing volume and a bullish technical structure, suggesting buyers are reasserting control even amid broader uncertainty.
Market sentiment remains fragile as geopolitical tensions escalate—most notably a public clash between U.S. President Donald Trump and Tesla CEO Elon Musk. Despite this noise, NEAR managed to post a meaningful recovery, signaling investor confidence in blockchain infrastructure projects with tangible utility.
Key Technical Developments
- Intraday Range: NEAR traded within a 5.2% range, falling to a low of $2.415 before recovering to a high of $2.547.
- Support Confirmation: A sharp decline during the 20:00 UTC hour on June 4 found strong support at $2.423, accompanied by elevated volume (2.69M), indicating institutional-style accumulation.
- Double Bottom Pattern: The token’s bounce from support came with higher volume on the second test, forming a potential double bottom—often seen as a reversal signal on short time frames.
- Resistance Test: NEAR broke above the $2.46–$2.47 resistance band before consolidating, suggesting the early stages of a bullish reversal.
- Uptrend Formation: From 07:15 UTC onward, NEAR began forming higher lows and highs, with volume spikes at 07:15 (206K) and 07:37 (120K) confirming sustained buy-side interest.
- Mini Pullback and Recovery: After peaking at $2.462 at 07:34, the price briefly retreated to $2.445 before climbing again to $2.458 by 07:54, then consolidating near $2.455.
Outlook
The price action suggests NEAR may be building a base for further upside. The double bottom formation, supported by rising volume and a successful retest of prior resistance, offers a constructive setup heading into the weekend.
A clean break and hold above $2.47 could open the door to retesting the $2.55–$2.60 zone, while a breakdown below $2.42 would invalidate the current bullish structure.
For now, NEAR continues to trade like a project backed by conviction—both from retail traders and institutions focused on long-term blockchain infrastructure bets.
