NEAR protocol has continued its bullish run, trading just $0.10 below the $2.55 resistance level. The token recorded a 10% daily gain as of writing, while trading volume surged 67% to $676 million over the same period.
The concurrent increase in price and volume reflects sustained buying pressure following NEAR's breakout from a pennant consolidation formation that had held for weeks. The token is now trading above key Exponential Moving Averages, suggesting bullish momentum remains intact in the short term.
Network Activity Accelerates
Beyond price action, NEAR's fundamental indicators are supporting the rally. The network's Total Value Locked has climbed to $185 million, up from $83 million on August 17. Rising TVL indicates increased capital commitment to the protocol, which could strengthen demand if adoption continues to expand.
Key Resistance Ahead
NEAR faces a critical juncture at the $2.55 resistance level. For the breakout to hold, buyers must maintain elevated trading volume to push through this threshold and convert previous resistance into support.
Rapid gains at psychological price levels historically invite profit-taking activity. A rejection around the $2.55 zone could leave NEAR vulnerable to a short-term correction. However, as long as trading volume remains elevated, the token has the potential to overcome this barrier and continue its uptrend.
