NEAR Protocol prices are actively rising, demonstrating significant growth of 17% over the past week and 10% over the past 24 hours. Currently, the quotes stand at $3.
Increase in NEAR Protocol Prices
NEAR Protocol has recorded a 17% gain in the week and a 10% rise in the last 24 hours, reaching $3. This recovery began after a decline to $1.80, which occurred around June 25. This drop ended a steep downtrend that started in mid-May and formed the second low of a large double bottom pattern.
Technical Analysis and Resistance Levels
NEAR prices are approaching the resistance level at $3.40, which was established as the neckline of the double bottom. Before testing this resistance, the price needs to overcome $3.20, which was a swing high in the recent downtrend. If it breaks above $3.40, it would confirm the double bottom and set a target around $5.00.
Bullish Initiatives in the NEAR Ecosystem
Positive changes are happening in the NEAR ecosystem. The community has opened a validator vote to reduce the annual inflation of NEAR tokens from 5% to 2.5% to encourage long-term holding. This decision could be implemented in the next protocol upgrade expected by late Q3 2025. The reduction in inflation suggests limiting the new NEAR token supply, potentially creating favorable conditions for price growth.
Overall, NEAR Protocol is likely to continue showing positive momentum if it can overcome key resistance levels and implement new economic initiatives aimed at reducing inflation.
