NEAR Protocol emerged as one of the crypto market's notable beneficiaries following a wider sector recovery. Over a 48-hour period, the token recorded gains exceeding 10% as improving network activity bolstered its market rally.
The bullish push allowed the token to clear a supply zone between $3.2 and $3.4, printing a new local swing high at $3.9. Trading indicators show that the token is currently trading above all key Exponential Moving Averages.
On-Chain Metrics and TVL Growth
On-chain data indicates robust fundamentals for the network. The blockchain's Total Value Locked (TVL) reached a new record high of $242 million, while network fees climbed significantly over the same 48-hour window, hitting the $860,000 mark. These metrics suggest an increase in capital inflows and growing ecosystem activity.
Additionally, September 19 marked the first day following the milestone airdrop. The token's TVL had previously crossed the $70 million mark, while the recent rally pushed the price above $3.3.
Market Outlook and Potential Tests
The sustainability of NEAR's current momentum depends heavily on continued buyer support following its double-digit daily percentage gains. Sustained growth in TVL and network fees could maintain the bullish structure, whereas potential profit-taking could lead to consolidation and a retest of nearby support levels.
While long-term on-chain sentiments point toward potential bullish continuation, short-term corrections driven by profit-taking remain a possibility for the asset.
