The NEAR protocol is attracting renewed attention, particularly among large investors, known as whales. As per analyst CW, there is a significant increase in net position delta, which suggests growing confidence among major players on BitMEX.

After a drop to approximately $2.10, NEAR's price has stabilized around $1.93. Buying pressure has emerged within the support zone of $1.88 to $1.90, leading to a period of price consolidation.

In addition, the accumulation of long positions in the market is another indicator of bullish sentiment. Currently, net long positions stand at 27.09 million, reflecting ongoing investor optimism about potential growth despite recent market fluctuations. However, the prevalence of long positions also implies a risk of increased volatility if a market reversal occurs. Near-term resistance is identified at $1.95 to $2.00; surpassing this could pave the way for a move towards $2.10.

Analyst Make Sense emphasizes that the market has yet to recognize the long-term potential of NEAR. With the token still trading significantly below its all-time high of $20.50 reached in 2021, it presents a compelling risk-reward proposition, particularly if the broader cryptocurrency market maintains its upward trajectory.

On the monthly chart, NEAR shows signs of consolidation over the past three years since its all-time peak. Analysts suggest that a primary target for the upside could be around $8.96, which would indicate gains of approximately 454%. If NEAR breaks through its historical high, projections suggest it could surge towards the $33 to $34 range, achieving profits exceeding 1,300%.

Moreover, NEAR is entering a new development phase, currently boasting over $22 billion in volume on NEAR Intents. The protocol's revenue capture rate over the past 30 days is 30.5%, a notable increase from previous quarters. Institutional interest is also on the rise, highlighted by a partnership between Sovereign, a Nasdaq-listed firm, and NEAR, aimed at acquiring up to 10% of NEAR tokens.

This article is for informational purposes only and does not constitute financial advice.