NEAR gathered fresh momentum on the price charts as both trading activity and network value climbed to their highest levels in a month.
In fact, in the last 24 hours alone, NEAR surged by 10%. The timing here is interesting since this hike was preceded by a short-term pullback that saw buyers defend a key demand zone around $2.28.
The defense of that level has helped NEAR regain its upward trajectory. Now, can the network’s bulls keep the momentum to clear the next resistance at $3?
Network activity hits monthly high
At the time of writing, the network’s on-chain metrics seemed to align with its price action. NEAR’s holder revenue and TVL both climbed to monthly highs, underlining strong activity across the ecosystem.
On 9th September, NEAR holders’ revenue shot up to a new monthly high of $723K. Since then, the trend has remained in a positive trajectory. The network also recorded a week of progressive gains, according to the recent holders’ data.
That’s not all either as the TVL also skyrocketed to $197.99 million, further affirming the market’s strong long-term sentiments. The simultaneous hike in holders’ sentiments could reinforce NEAR’s bullish price action. Especially after NEAR successfully held the $2.28 demand zone.
Can NEAR target $3?
On the daily chart, NEAR seemed to be getting closer to an important level.
The altcoin closed above the $2.50 local high. This may be evidence of whether the current rally may develop into a breakout.
Given that NEAR has been trading above all important EMAs, a daily close above $2.50 may reinforce the bullish setup by spurring a rally to $3.
The prevailing market sentiments may act as a tailwind if the buyers manage to stay above the breakout region. Otherwise, the rejection near $2.50 may result in the return of NEAR to the $2.28-zone.
Final Summary
- NEAR closed above $2.50 after defending the $2.28 demand zone.
- Network’s rising holder revenue and TVL hit monthly highs too.
