NEAR jumps 14%, but chart gap says "hold my beer" before the next leg up 🍺

NEAR Protocol saw a 14% surge over the past day, lifting the altcoin into bullish territory as on-chain capital flows pointed to strengthening investor confidence. Total Value Locked on the protocol grew by roughly $19.6 million between June 13 and June 15, pushing the figure to $168.47 million, a sign that holders are parking capital in anticipation of further price performance.

Spot market activity, however, told a more cautious story. Netflow data showed a $1.22 million difference favoring sellers over buyers of NEAR in the past 24 hours, raising questions about the sustainability of the rally. The altcoin's advance has carried it into a supply-side fair value gap on the chart, a zone historically associated with selling pressure that could cap further upside.

Should that supply exert its weight, NEAR could retreat toward the buy-order zone between $2.13 and $2.05, with a deeper demand-side fair value gap sitting further below. Conversely, an invalidation of the supply-side fair value gap could open the door to a move toward $2.97 and $3.08, levels where traders may look to take profit.

Momentum indicators leaned in favor of the bulls. The MACD's blue line sat close to crossing above its orange signal line at the time of writing, a setup often read as a precursor to an upside leg. The Chaikin Money Flow surged alongside the move, indicating that buy volume has outweighed sell volume across the market.

CoinGlass reported spot volume of $122.85 million and futures volume of $732.30 million, underscoring the heavy derivatives participation accompanying NEAR's latest push higher.