$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.