NEAR Protocol [NEAR] broke above the previously identified $5.60 resistance on the daily chart following a strong bullish move.
The token gained 12% over the past 24 hours to $5.84, extending its recovery as buyers cleared that hurdle.
Following the rally, NEAR traded above its key Exponential Moving Averages [EMAs]. The move followed a rebound from the $4.10–$4.70 demand zone, as previously covered by AMBCrypto.
Meanwhile, NEAR Intents recorded a sharp increase in September Swap Volume. Buyers had regained ground, but keeping $5.60 beneath them would be the next test.
Are NEAR short liquidations helping the rally?
NEAR’s derivatives data also reflected pressure on traders betting against the token. At press time, Short Liquidations reached $6.4 million, compared with $1.1 million in Long Liquidations.
That put liquidated shorts at nearly six times the value of liquidated longs.
Forced closures of short positions can add buying pressure, potentially accelerating an upward move.
Even so, liquidations reflect traders being forced out. Sustaining the rally would require buying interest to continue after those positions closed.
What does record NEAR Intents volume signal?
Alongside the price recovery, NEAR Intents recorded $4.76 billion in September Swap Volume, a 72.9% increase and a new record. The growth pointed to heavier use of the protocol’s cross-chain trading infrastructure.
Higher Swap Volume can support the network’s growth narrative. However, volume alone does not establish how many new users joined or how much demand reached the NEAR token.
For holders, the next question is whether that trading activity can sustain usage and fee generation beyond September’s record.
Can NEAR price stay above THIS?
NEAR’s move to $5.84 put the $5.60 breakout level back in focus. Holding above it could help buyers extend the recovery.
The ecosystem also saw infrastructure expansion. SVRN acquired FastNEAR, expanding its role in operating essential NEAR infrastructure.
Separately, reported ETF Net Inflows crossed $5.13 million, while Cumulative Total Net Inflows reached $71.40 million. Those flows pointed to demand through ETF products. They did not establish that Intents activity or the acquisition caused investors to increase their exposure.
For now, the bullish case rested on defending $5.60 and maintaining buying pressure after the liquidation burst. A move back below that level would weaken the breakout, even with record Intents activity supporting the ecosystem’s growth narrative.
Final Summary
- NEAR price gained 12% to $5.84, while $6.4 million in Short Liquidations added potential buying pressure.
- NEAR Intents reached record September Swap Volume, but sustaining the breakout depended on buyers defending $5.60.