coindesk.com
The cryptocurrency market turned green over the past 24 hours from 24 June 15:00 to 25 June 14:00, with the global market cap increasing by 2.2% to $3.37 trillion.
$NEAR Protocol showed resilience during this period despite experiencing sharp price swings, establishing support at $2.14-$2.16 with high-volume buying emerging at critical points.
In a significant development for $NEAR's economic model, a proposal has been put forward to cut the protocol's inflation rate from 5% to 2.5%.
This strategic move aims to enhance long-term blockchain sustainability, potentially boost token value, and better align ecosystem incentives. The proposal is currently subject to validator voting through the end of July 2025, demonstrating $NEAR's commitment to decentralized governance.
Technical Analysis
- $NEAR-USD exhibited significant volatility during the 24-hour period from 24 June 15:00 to 25 June 14:00, with an overall range of $0.088 (4.0%).
- A sharp decline to $2.141 at 09:00 before recovering formed a key support zone around $2.14-$2.16.
- High-volume buying emerged at the 08:00-09:00 candles (volumes of 2.99M and 2.53M respectively, well above the 24-hour average).
- Resistance established near $2.22-$2.23 throughout the trading session.
- The 13:00 candle showed renewed bullish momentum with above-average volume (2.80M), suggesting potential continuation of the recovery trend.
- During the last 60 minutes from 25 June 13:06 to 14:05, $NEAR-USD exhibited a bullish surge followed by a sharp correction.
- The price rallied from $2.17 to peak at $2.19 around 13:48-13:49, gaining approximately 1.2%.
- Notable volume spikes occurred during the uptrend (131,699 at 13:44) and during the correction (130,287 at 13:51).
- The price action formed a clear channel pattern with higher lows until the correction, suggesting continued consolidation.