NEAR Protocol advanced by nearly 3% on Thursday, approaching the $5.50 threshold following a 9% gain recorded during the previous trading session. The rally extends an impressive run fueled by the debut of Bitwise's NEAR-focused ETF, which trades under the ticker NRR. Capital tracking metrics indicate that institutional buyers have committed approximately $50 million across the product's first two days of trading, underscoring substantial appetite for exposure to the underlying blockchain network.
Institutional Demand Bolstered by Bitwise ETF Launch
Bitwise introduced the NRR ETF on Tuesday, securing immediate backing from market participants. Data compiled by SoSoValue reveals that the fund attracted $35.99 million in net inflows on its opening session, followed by an additional $14.04 million on Wednesday. The combined $50 million institutional allocation reflects confidence in the NEAR Protocol ecosystem. Market observers connect this interest to technological advancements within the network, particularly the NEAR Intents feature designed for confidential wallets, which facilitates broader participation including exposure to tokenized assets.
Technical Indicators Show Strong Trend With Overbought Warnings
Trading above $5.4800 on Thursday, NEAR Protocol retains strong upward momentum, building upon a surge of nearly 180% recorded over the prior week. The current market price stands substantially above several key benchmark averages, with the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) positioned at $3.2226, $2.6300, and $2.2447, respectively. The alignment of these long-term moving averages reflects a deep and structured base of buyer support.
Daily momentum readings confirm that buyers remain firmly in command. The Moving Average Convergence Divergence (MACD) line continues to point higher within positive territory. Concurrently, the Relative Strength Index (RSI) stands at 77, placing the asset inside overbought parameters and signaling the possibility of a near-term consolidation or price pullback. Should a corrective retracement unfold, the 78.6% Fibonacci retracement level at $4.2739 serves as the initial downside marker, backed further down by the 50-day EMA at $3.2226.
XRP and XLM Navigate Choppy Market Sentiment
While NEAR extended gains, other prominent altcoins faced mixed conditions. Ripple (XRP) came under selling pressure, sliding below $1.500 before stabilizing. Live market data places XRP at $1.50, reflecting a 0.91% rise from its previous close of $1.49, against a 52-week trading corridor of $0.9884 to $1.96 and volume running at 0.78 times its 20-day average. Live technicals show XRP's 14-day RSI at 57, MACD at 0.05 against a 0.05 signal line (histogram -0.00), with the 20-day EMA at $1.46, the 50-day EMA at $1.37, and the 200-day EMA at $1.39 exhibiting an EMA death cross. Bollinger Bands span from $1.26 to $1.63 around a $1.44 midpoint, with primary technical pivot levels identified at $1.50, resistance at $1.51, and support at $1.49. Rising US Treasury yields and inconsistent derivatives positioning have kept risk tolerance subdued. Meanwhile, Stellar (XLM) continued its rebound toward $0.227, though encountering overhead resistance amid hesitant market sentiment.
Pi Network Ecosystem Move and Regulatory Backdrop
Pi Network (PI) turned lower on Thursday following two sessions of moderate recovery, challenging its 50-day EMA at $0.0917. On the development front, the Pi Core Team disclosed a collaboration with Open Standard on Wednesday. The partnership aims to investigate OUSD stablecoin reward structures for community members, designated as Pioneers, while exploring practical integrations across the broader Pi network.
Broader digital asset sentiment also drew direction from legislative developments in Washington. Bitwise Chief Investment Officer Matt Hougan stated Wednesday that the cryptocurrency market has experienced a broad relief rally following the US Senate's failure to advance the CLARITY Act. Hougan argued that the stalled legislative process created an opening for regulatory bodies to move with greater agility on administrative rulemaking. He observed that Bitcoin climbed 8% and Ethereum gained 7% subsequent to the Senate outcome, with several major altcoins generating even steeper percentage advances.
