NEAR Protocol has surged over 11% in the past 24 hours, climbing from a support zone near $1.85 to trade at $2.17, reigniting trader interest. The recovery comes as the token benefits from a broader AI-themed crypto rally ahead of the anticipated SpaceX IPO, which is expected to price on June 11 and begin trading on June 12. NEAR, a Layer-1 blockchain designed for AI development, is viewed as a direct proxy for this narrative.
Trading volume jumped more than 25% to around $625 million, signaling strong market engagement. On Binance, sentiment turned decidedly bullish, with 62.51% of positions holding long exposure and a long-to-short ratio of 1.67, pointing to growing conviction among larger participants. On-chain data also supports the rally: NEAR’s Intents framework processed a record $223.9 million in daily swap volume, and the network surpassed 550,000 unique users over 30 days, indicating genuine usage growth rather than pure speculation.
Technically, NEAR faces immediate resistance at $2.20. A daily close above that level could open the path to $2.29 (Fibonacci target) and eventually the previous double-top rejection zone near $2.80. However, bears remain active near $2.25, where a lower high was recently locked in. The 14-day RSI sits at a neutral 50.69, reflecting indecision. Key support lies at $2.00, with a breakdown risking a drop to $1.85 and then the critical trendline at $1.75. Adding to the cautious outlook, BitMEX co-founder Arthur Hayes recently took profits on his NEAR holdings, which contributed to earlier selling pressure.
Liquidity clusters between $2.13 and $2.20 are adding friction, as markets often gravitate toward concentrated leverage zones, potentially triggering fast moves. The upcoming SpaceX IPO and the integration of Unstoppable Wallet with NEAR Intents are seen as potential catalysts that could reinforce the positive trend if the token manages to clear overhead resistance.
