NEAR hits new ‘all-time high’ on the TVL front, but what about its price?

$NEAR emerged as one of the crypto market’s biggest beneficiaries after the wider sector saw green over the last 48 hours. In fact, for its part, $NEAR recorded gains of over 10%, with improving network activity lending strength to its rally.

This explosive bullish push cleared the token’s supply zone between $3.2 and $3.4 and printed a new local swing high at $3.9. With the token now trading above all key Exponential Moving Averages, will the network bulls manage to sustain the momentum?

Can rising network activity sustain the rally?

The latest on-chain metrics revealed that fundamentals for $NEAR Protocol have been robust over time.

To be specific, the blockchain’s Total Value Locked set another record high of $242 million while the network fees soared over the last 48 hours. This hike may be evidence that more capital is pouring into $NEAR’s ecosystem. Additionally, $NEAR protocol’s fees hit the $860,000-mark over the same period.

Cumulatively, the hike in capital inflows into the network and fee generation may be a sign of growing activity across the ecosystem.

Still, it is worth noting that 19th September marks the first day since $NEAR ticked all the boxes for the anticipated milestone airdrop.

The token’s TVL crossed the $70 million-mark two days ago while yesterday’s rally pushed the token’s price above $3.3.

Bulls face test after $NEAR’s latest surge

$NEAR’s ability to maintain the prevailing momentum will depend on whether buyers continue to support the token after its 10% daily hike.

A sustained rally alongside further growth in TVL and network fees would keep the bullish structure intact and could bring higher price levels into focus. Conversely, a rise in profit-taking could force $NEAR to consolidate and retest nearby support.

As it stands, the network’s long-term on-chain sentiments point to a potential bullish continuation. However, a short-term correction from the anticipated profit-taking cannot be ignored completely.

Final Summary

• $NEAR extended its bullish push as its network TVL hit an all-time high of $242 million.
• Network’s fees climbed to $860,000 in 48 hours, highlighting stronger activity as traders weighed further gains.