NEAR Protocol (NEAR) surged 7.6% to $2.18 on July 2 after Bitwise announced a new staking exchange-traded product (ETP), driving institutional interest. The rally saw NEAR climb from $2.09 to $2.13, then peak at $2.18 on exceptional volume spikes of 4.56M and 3.76M—far above the 24-hour average—establishing $2.11-$2.14 as new support.
This uptick contrasts with recent declines where NEAR dropped nearly 5% in 24 hours amid Bitcoin’s market-wide slump, reducing trading volume by 27% to $115.6 million. Technical analysis reveals NEAR testing the upper resistance of a descending channel, with analysts like Jonathan Carter identifying breakout targets at $2.70, $3.65, $4.65, and $6.00 if bullish momentum holds.
Simultaneously, DWF Labs proposed cutting NEAR’s inflation rate from 5% to 2.5% to boost token scarcity. While potentially price-positive, the plan has sparked debate over reduced validator rewards and network security risks, adding volatility to NEAR’s price action.