NEAR crypto’s 15% rally meets $70M TVL catalyst – Is $3.33 within reach?

NEAR Protocol [NEAR] has witnessed a 15% price surge over the last 24 hours to hit $2.73, at press time. This occurred just shortly after NEAR Intent achieved a significant TVL milestone of $70 million.

It is important to note that the milestone has been reached almost three months after NEAR Intent launched its milestone incentive program back in June. The program was aimed at rewarding users when the Confidential Intents reached specific TVL milestones.

So, the question is, could this move ignite the current NEAR crypto accumulation, accelerating the rally to $3.33?

How the milestone program was supposed to work

According to the NEAR crypto team’s announcement, the first drop was to distribute 333,333 milestone tokens once the aggregate Confidential Intents TVL reaches $70 million.

These tokens could then remain locked after distribution and cannot be sold or transferred. However, the tokens are then converted on a 1:1 ratio into NEAR once the token’s volume-weighted average price holds at or above $3.33 for three consecutive days.

The program was also to limit each wallet to 2% of the drop pool, preventing a single account from receiving a disproportionate allocation. Furthermore, users must maintain a sustained confidential balance above $100 on the NEAR network. Additionally, they must complete at least one confidential swap to qualify for the snapshot.

While the scoring components are public, NEAR Intent reports did not disclose the exact weighting for each component.

TVL surge puts NEAR bulls back in control

On the 16th of September, the Confidential Intents TVL crossed the $70 million threshold. Since then, TVL has climbed to $70.79 million, representing a 2.5x MoM increase from previous levels. At the same time, network revenue had crossed the $46.14 million and its Net Fees was summing to $1.61 million.

Following the milestone move, the broader market activity has also started to pick up. NEAR Protocol’s trading volume has doubled to $773 million, providing additional confirmation that market participation has increased alongside the TVL milestone.

Could the TVL milestone accelerate the anticipated rally to $3.07?

The tremors of the milestone achievement are also visible on the daily chart. At the time of writing, NEAR was trading above all its key Exponential Moving Averages (EMAs).

The network’s bulls are now in control, and the timelines for the anticipated rally to test the next resistance level at $3.07 could be shortened significantly.

More so, as the network buyers and whales bag more orders to push the token price above $3.33 so that they maximize on the program’s airdrops.

Final Summary

• NEAR surged by more than 15% after NEAR Intents crossed the $70 million TVL milestone.
• The network’s trading volume doubled to $773 million as NEAR moves above key EMAs, putting $3.33 in focus.