NEAR hits new ‘all-time high’ on the TVL front, but what about its price?
NEAR's rally is well on course for a new high in the short term.
NEAR emerged as one of the crypto market’s biggest beneficiaries after the wider sector saw green over the last 48 hours. In fact, for its part, NEAR recorded gains of over 10%, with improving network activity lending strength to its rally.
This explosive bullish push cleared the token’s supply zone between $3.2 and $3.4 and printed a new local swing high at $3.9. With the token now trading above all key Exponential Moving Averages, will the network bulls manage to sustain the momentum?
Can rising network activity sustain the rally?
The latest on-chain metrics revealed that fundamentals for NEAR Protocol have been robust over time.
To be specific, the blockchain’s Total Value Locked set another record high of $242 million while the network fees soared over the last 48 hours. This hike may be evidence that more capital is pouring into NEAR’s ecosystem. Additionally, NEAR protocol’s fees hit the $860,000-mark over the same period.
Cumulatively, the hike in capital inflows into the network and fee generation may be a sign of growing activity across the ecosystem.
Still, it is worth noting that 19th September marks the first day since NEAR ticked all the boxes for the anticipated milestone airdrop.
The token’s TVL crossed the $70 million-mark two days ago while yesterday’s rally pushed the token’s price above $3.3.
Bulls face test after NEAR’s latest surge
NEAR’s ability to maintain the prevailing momentum will depend on whether buyers continue to support the token after its 10% daily hike.
A sustained rally alongside further growth in TVL and network fees would keep the bullish structure intact and could bring higher price levels into focus. Conversely, a rise in profit-taking could force NEAR to consolidate and retest nearby support.
As it stands, the network’s long-term on-chain sentiments point to a potential bullish continuation. However, a short-term correction from the anticipated profit-taking cannot be ignored completely.
Final Summary
- NEAR extended its bullish push as its network TVL hit an all-time high of $242 million.
- Network’s fees climbed to $860,000 in 48 hours, highlighting stronger activity as traders weighed further gains.
