Key Highlights
- NEAR Protocol rallied 26.52% within a single day to approximately $2.19, dominating the AI token sector
- Massive short liquidations totaling $5.8 million occurred after price cleared the $1.72 level
- The token decisively breached a descending trendline that had held since the 2024 peak
- NVIDIA’s latest earnings report showing 85% annual revenue expansion fueled optimism for AI-focused blockchain platforms
- Crypto analyst Michaël van de Poppe identified NEAR’s chart as among the most promising in the current market
NEAR Protocol experienced a dramatic 26.52% price increase over a 24-hour period Friday, climbing to approximately $2.19. This explosive movement positioned NEAR as the strongest performer within the AI-focused cryptocurrency segment.
The surge originated from a significant short squeeze that developed at the $1.72 resistance zone. Approximately $5.8 million worth of bearish positions faced forced liquidation, catapulting the price more than 70% higher from its monthly bottom near $1.25.
Trading activity for NEAR exploded to $825 million over the 24-hour window, representing a 124% jump. The token’s overall market capitalization expanded to $2.84 billion.
Compared to other artificial intelligence tokens, NEAR’s performance was unmatched. Worldcoin registered a 9.94% increase, FET climbed 8.42%, while Internet Computer posted a 3.31% gain. NEAR’s advantage over the second-best AI token exceeded 15 percentage points.
NVIDIA’s first quarter fiscal 2027 results, unveiled May 20, revealed 85% revenue expansion year-over-year alongside $81.6 billion in quarterly sales. The tech giant simultaneously authorized $80 billion for share repurchases and increased its dividend distribution. These developments enhanced overall market confidence in AI infrastructure investments, benefiting decentralized AI ventures including NEAR.
NEAR’s privacy-focused AI capabilities operate on NVIDIA-supported Trusted Execution Environments, removing confidential information before transmitting queries to language models such as ChatGPT and Claude. The platform’s emphasis on the “Agentic Web,” enabling AI agents to manage transactions, verification, and multi-chain operations, distinguished it amid shifting market dynamics.
NEAR recently implemented a reduction to its yearly inflation metric from 5% down to 2.5%. Generated protocol fees now fund NEAR token buyback programs.
Technical Breakout
NEAR successfully penetrated a multi-year downward sloping trendline for the first instance since reaching its 2024 cycle peak. Open interest expanded beyond $473 million, signaling new money flowing into positions.
Trader DonWedge had previously identified a descending wedge formation on May 7 with a technical projection toward $3.00. He publicly validated the breakout on May 21. Elliott Wave practitioner More Crypto Online highlighted Fibonacci extension objectives at $2.30, $2.50, and $2.87. Short-duration moving averages spanning 10, 20, 30, and 50-period timeframes uniformly display bullish signals.
Trader Michaël van de Poppe characterized NEAR as “one of the most bullish charts in the ecosystem,” noting that sustained price action above $1.40 should support further upside. He referenced NEAR’s revenue expansion and the practical applications of NEAR Intents as fundamental drivers. Altcoin Sherpa similarly endorsed the asset, stating it remains “one of the best coins on the market.”
On-Chain Activity Lags
Despite impressive price performance, blockchain metrics present a contrasting narrative. Daily active user counts fell from approximately 3 million earlier this year to roughly 266,000. This deterioration accelerated following April without signs of reversal.
Critical overhead resistance exists within the $2.80 to $3.25 corridor. A weekly candle close exceeding this zone could unlock progression toward $4.50 and higher levels. Immediate support establishes at $2.20, with additional floors at $1.80 and $1.50.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
