NEAR Protocol rebounded 17% in a single day after a Bitwise NEAR ETF cleared listing approval on NYSE Arca. The altcoin gained another 9% over the following 24 hours, though bulls are struggling to hold the price above $5.
The altcoin bounced back from a one-day correction with a 17% single-day surge, then added another 9% over the next 24 hours. Both fundamentals and network activity drove the rebound.
Bitwise ETF clears a listing hurdle
Bitwise's NEAR ETF — the Trust — received approval to list and trade on NYSE Arca under the ticker NRR, according to a recent SEC filing. Coinbase will serve as custodian, staking the Trust's NEAR and keeping about 67% of the rewards.
However, the SEC has yet to approve or disapprove the fund's effectiveness. Still, Bitwise teased a potential start to trading on X, posting: "The future is near. 09/29/2026"
Following Bitwise's final prospectus, the filing targeted a base price of $155 by 2030, with a max case of $562 and a bear case of $1.63.
Near Intents drives network activity
On the network side, Near Intents kept doing the heavy lifting. Its total value locked climbed to a new high of $249 million since launch.
Since February, Near Intents has used all its revenue to buy back the altcoin from the open market, trimming circulating supply. The protocol also still burns 70% of base-layer gas, so the token keeps attracting liquidity.
Bulls struggle to hold $5
On the charts, NEAR trades in an ascending trend channel, but bulls face stiff resistance around $5. The CVD shows over 760,000 NEAR sold on the Binance spot market paired with USDT at the time of writing, probably due to some profit-taking.
The RSI reinforced that mild selling, declining from 66 to 61 after NEAR hit $5.207. Even so, the pattern still shows higher highs and lows, which often points to underlying buying pressure.
In the short term, $4.50 or lower remains a target in a bearish scenario. On the bullish side, the ETF effect could help NEAR reach $8 to $9.
Source: AMBCrypto
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