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Near Protocol [$NEAR] bounced off nicely from its one-day correction with a 17% surge in a single day. The continuation, which has seen $NEAR gain another 9% in the past 24 hours, was fueled by both fundamentals and network activity.
$NEAR has been tipped to be among the selective altcoin runners for this cycle, as analyzed earlier. A Bitwise $NEAR ETF approval and a surge in revenue and TVL of Near Intents have played a key role in this rebound.
Bitwise $NEAR ETF secures approval to list and trade
As per a recent SEC filing, Bitwise $NEAR ETF (the Trust) received approval to list and trade on NYSE Arca under the ticker NRR. Coinbase will be the custodian, with the Trust staking its $NEAR and keeping about 67% of the rewards.
However, the SEC has yet to approve or disapprove its effectiveness. Still, Bitwise teased a potential start to trading of the product on X, with a post reading,
The future is near. 09/29/2026
The post suggests that trading of the ETF is just a matter of time. Following Bitwise’s final prospectus, the filing targeted a base price of $155 by 2030 with a max case of $562. On the flip side, $1.63 was their bear case.
Meanwhile, on the network side, Near Intents continued to do the heavy lifting of the ecosystem. Since their launch, TVL has grown continuously, now at a new high of $249 million.
Moreover, since February, Near Intents has used all its revenue to buy back the altcoin from the open market, reducing supply in circulation. In addition, the protocol still burns 70% of the base-layer gas.
As such, the altcoin is continuously attracting liquidity.
Why are bulls struggling to keep the price above $5?
On the charts, $NEAR is trading in an ascending trend channel, but bulls are facing stiff resistance around $5. This situation is probably due to some profit-taking, as the CVD shows that over 760K $NEAR were sold on the Binance spot market paired with $USDT at the time of the press.
The RSI reinforced the mild selling activity as it declined from 66 to 61 after the altcoin hit $5.207.
Even with the potential signs of a correction, the pattern often indicates buying pressure as the market is still making higher highs and lows. The correction bit explains why bulls are struggling to keep the altcoin above $5.
In the short term, $4.50 or lower remains a target in a bearish scenario. For bullish targets, the Bitwise $NEAR ETF effect could help the altcoin reach $8-$9.
Final Summary
- Bitwise $NEAR ETF approval to list and trade on NYSE Arca amplified the altcoin’s rebound from its one-day correction.
- $NEAR bulls were struggling to keep the price above $5 due to profit-taking, but continuation could send it to $8.