NEAR Protocol (NEAR) is testing a key support zone that could sustain bullish momentum, while a breakdown may trigger consolidation for the NEAR price. Meanwhile, strong growth in NEAR Intents’ confidential TVL highlights rising demand for privacy-focused infrastructure and increasing adoption of confidential finance applications.
At the time of writing, NEAR is trading at $2.15 with a 24-hour trading volume of $202.28 million and a market capitalization of $2.8 billion. Following the 1.34% gain over the last 24 hours, the NEAR price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: NEAR Price Eyes $3.20 After Key Breakout and Explosive DeFi Growth
NEAR Price Holds Crucial Trendline, Eyes $2.50 Rally
According to the crypto analyst Alpha Crypto Signal, the NEAR price is testing a critical support area where a rising trendline intersects with former resistance that has flipped into support.
The recent pullback has brought the NEAR price into a high-confluence zone that analysts view as a potential launchpad for renewed upside. Holding this level would preserve the broader bullish market structure.
Source: Alpha Crypto Signal’s X Post
Market observers are fixating on the support zone, with success in defending it possibly paving the way for a bullish move for the NEAR price up to the level of $2.50.
However, any break below this important zone may negate the NEAR price breakout, raising the likelihood of a more significant consolidation and signaling weakened momentum.
NEAR Intents’ TVL Jumps 1,200% in 90 Days
The data from MSB Intel further highlighted that the TVL of NEAR Intents remains highly confidential, but the value has increased up to $30.88 million, representing a dramatic increase by more than 1,200% over 90 days.
The rapid growth can be attributed to an increasing need for private infrastructure on the NEAR platform, as users seek to settle transactions privately.
Source: MSB Intel’s X Post
The private capital entering NEAR has skyrocketed from just a couple of millions in March to an estimated amount of $31 million currently, demonstrating a fast rise in adoption of the ecosystem.
The evident rise indicates the increasing trust in the privacy aspects of NEAR Intent projects and increasing interest in confidential finance use cases.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: NEAR Price Target $4 as Bulls Defend Key Support Zone Amid Market Uncertainty
