- NEAR price rose to $1.66 amid a notable rise in volume.
- AI tokens, including Injective, Theta Network and Akash Network, rebounded sharply.
- The near-term outlook for NEAR points to a retest of $2 if momentum continues.
The NEAR Protocol (NEAR) has been trading higher over the past 24 hours as bulls look to make near-term gains.
The rise in AI-related tokens is in line with the broader AI token rally on Tuesday, as NEAR saw a notable spike in trading activity.
Close price gains amid 32% rise in daily volume
NEAR is trading at $1.62, up about 7% over the past 24 hours and up about 4% on the weekly chart despite Monday’s brief dip below $1.50.
The price rise coincides with a 32% increase in daily volume, with daily movement setting the benchmark at $295 million as of writing.
Notably, this surge in activity has allowed NEAR to outperform many of its peers as the broader market navigates under renewed downward pressure.
A rotation into projects related to on-chain computing and decentralized application ecosystems will likely fuel the upside.
The rebound in AI-related cryptocurrencies has provided additional strength to Injective, Theta Network and Akash, which each posted gains of more than 5% in the past 24 hours.
Render also showed signs of looking to retest the critical resistance level.
Crypto AI is trading higher ahead of Nvidia’s first-quarter earnings results.
The heavyweight industry report will be released on May 20, and tokens across cryptocurrencies will rise amid broader anticipation.
Nvidia CEO Jensen Huang recently traveled to China with President Trump, where the US president met with Chinese President Xi Jinping at a key summit.
Near price prediction
Technical indicators indicate a short-term bullish bias for NEAR.
On the daily chart, the price action is forming what appears to be a cup and handle pattern.
This is a consolidation structure that often precedes an uptrend continuation if the handle is resolved with renewed volume.
NEAR is also currently trading above the major moving averages, an arrangement that typically favors buyers. But that’s not all.
Momentum metrics reinforce a constructive outlook, as the Average Directional Index (ADX) on the daily frame indicates a strong trend.
Elsewhere, the Relative Strength Index (RSI) is near 64, indicating momentum with room for further upside before reaching overbought territory.
Both the Awesome Oscillator and MACD indicators are showing bullish readings consistent with a near-term buying opportunity.
Price targets and risk levels
If bullish conditions persist, NEAR may extend above the $1.70 level.
Near-term upside targets would be in the $2.00 to $2.50 range, if trading volume maintains its recent high and the cup and handle pattern is validated.
On the other side, the initial support range is located around $1.50. The area represents a major consolidation area, below which $1.20 could be seen.
