NEAR Protocol is gaining bullish momentum, rallying 17% over the past week and rising 10% in the last 24 hours. Currently trading near $3.00, the token continues its recovery from the June 25 low of $1.80.
That $1.80 level marked the bottom of a sharp downtrend that began in mid-May and formed the second trough of a large double bottom pattern. The first low was seen in early April, with the pattern’s neckline set near $3.40 — now the key resistance level to watch.
NEAR is steadily climbing toward this resistance, backed by solid bullish momentum. Throughout July, the price has held above the 20-day EMA, with increasingly longer daily candles signaling rising buying pressure.
Before it can challenge the $3.40 neckline, NEAR must clear a minor resistance around $3.20, a previous swing high within the recent downtrend. A successful breakout above $3.40 would confirm the double bottom pattern and could set the stage for a rally toward the $5.00 target, based on the pattern’s projected move. On the downside, immediate support is now at $2.70 — a level that previously acted as resistance.
NEAR’s breakout price action is unfolding alongside a series of bullish updates within the Near Protocol ecosystem. A key development is the community vote currently underway to reduce the network’s annual token inflation rate from 5% to 2.5%. The proposal aims to encourage long-term holding and decrease selling pressure by limiting the growth of NEAR’s circulating supply.
If the proposal secures the required 66.67% majority, core developers will implement the new inflation mechanism in the next protocol upgrade, with activation expected by late Q3 2025. The reduced inflation rate would effectively tighten NEAR’s token supply, fostering a more deflationary environment that could support sustained price growth amid rising demand.
Further boosting sentiment, Bitwise has launched its NEAR Staking ETP on Germany’s Xetra exchange. This listing provides global investors with regulated exposure to NEAR, along with built-in staking rewards—offering a convenient, secure alternative to managing tokens and wallets directly.
