NEAR Protocol (NEAR) rose 4.5% in the past 24 hours to $2.31, regaining momentum after weeks of choppy trading. It increased after bullish institutional news from Nasdaq-listed OceanPal, which revealed plans to invest $120 million into the NEAR ecosystem. Traders now eye a retest of resistance near $2.50 as technical charts hint at renewed confidence.
OceanPal Announces $120M $NEAR Treasury
Nasdaq-listed OceanPal Inc. has entered the crypto treasury race with a $120 million plan to acquire up to 10% of NEAR’s total token supply. The move effectively targets around 127.8 million NEAR, a significant portion that could tighten circulating supply and drive medium-term scarcity.
This development mirrors the “Bitcoin-as-a-treasury” wave, but now for AI-aligned blockchains.
It should be noted that OceanPal’s entry not only adds legitimacy to NEAR’s ecosystem but also signals that corporate balance sheets may continue to rotate into newer Layer-1 networks beyond BTC and ETH.
Institutional demand tends to act as a strong support layer during volatile phases, and that’s exactly what NEAR traders are banking on now.
Furthermore, NEAR’s validator community is currently voting on a key inflation-halving proposal to cut annual inflation from 5% to 2.5%. As of October 28, roughly 68% of validators approved the move, just short of the 80% required threshold.
A successful cut could reduce staking sell pressure, improving tokenomics over time.
NEAR Price Holds Key Support, Eyes $2.50
As highlighted by trader Sjuul, NEAR has successfully held a diagonal support trendline between $2.20 and $2.25, setting the stage for another attempt at the $2.50 resistance zone.
Momentum indicators also reflect improving sentiment. According to AltcoinSherpa, NEAR’s “narrative flip” toward AI and infrastructure plays could make it a solid mid-term accumulation target. However, he noted that the AI coin is more of a spot buy-and-hold opportunity than a fast swing trade.
Analysts noted that if bulls reclaim $2.49, the 50% Fibonacci retracement level, NEAR price could extend toward $2.65–$2.75 in the coming sessions. Failure to hold $2.20, however, may invalidate this setup and expose the token to $2.05 downside risk.
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