NEAR Price Extends Recovery As Near Protocol Discloses June Performance Stats And Milestones

Key Insights:

• NEAR price climbed back above $2 after posting a 20% monthly recovery and triggering a wave of short liquidations.
• Near Protocol’s June update revealed $22 billion in NEAR Intents volume, nearly 30 million swaps, and continued growth in revenue and total value locked.
• Rising open interest, positive spot flows, and strong ecosystem milestones have reinforced bullish sentiment around NEAR’s recovery.

NEAR protocol is back in the spotlight after the price surged by more than 20% since the beginning of the month. It crossed back above $2 as bullish momentum made a robust comeback.

The NEAR price surge comes after the Near Protocol released its June performance and stats. Such a price reaction suggests a positive market reaction to the data.

NEAR Price Jumps 20% Amid a Surge in Open Interest

The NEAR token price recovered strongly, climbing from recent lows and reclaiming the $2 zone with conviction.

The crypto exchanged hands at $2.08, up 5.4% in the last 24 hours and 14.5% in the past week. NEAR was also up 7.36% from its close on Thursday,  printing healthy gains for dip buyers.

NEAR Price Action | Source: TradingView

CoinGlass data revealed a surge in spot volumes, backed by rising futures open interest. A clear sign that both the spot and derivatives markets were in tune.

NEAR recorded a net positive spot flow in exchanges on 2 July and 3 July, after sustaining 5 days of negative volume.

The 7.3% surge in NEAR price from yesterday’s close resulted in over $837K in liquidated shorts. In comparison, only $38K in longs were liquidated, meaning the majority of traders were speculating on a rise in NEAR price.

NEAR Spot Netflow | Source: CoinGlass

Near Protocol Reveals June Milestones and Stats

One of the reasons why the NEAR price extended its bullish momentum towards the end of the week could be recent network stats. The Near Protocol just released an update on its June performance.

NEAR Intents crossed $22 billion in all-time volume routed and settled, with almost 30 million total swaps completed.

NEAR Intents is a multichain crypto transaction protocol that allows users to specify a desired outcome, while third-party market makers and AI agents determine execution.

It eliminates the need to manually navigate bridging, gas fees, or fragmented liquidity across blockchains. The numbers achieved via NEAR Intents proved the rails work.

Additionally, Confidential Intents TVL grew past a whopping $30 million while generating over $2.6M in fees in the last 30 days. The NEAR cumulative revenue has consistently increased month-on-month, despite deteriorating market conditions.

Cumulative Revenue of NEAR Protocol | Source: Near

NEAR Crypto User Activity and Volumes Signal Momentum

NEAR price broke its short-term downtrend resistance and retested $2 from above. Volume profile on Coinglass supported the move without heavy sell pressure on rallies.

If the broader market stays constructive, then NEAR crypto may be headed for more recovery. Investors who averaged in during the dip are already in the money.

The price action on the charts indicates extreme bullish sentiment from the investors and traders.

The protocol aims to keep shipping while the price catches up, in the midst of one of the worst markets in crypto history. This could be a strong reason for market participants to remain optimistic.

The June stats have certainly injected confidence, but it remains to be seen whether the current recovery will be sustained. It is worth noting that a lot of the recent flows may also be linked to recent market disruptions, especially in Europe.

The post NEAR Price Extends Recovery As Near Protocol Discloses June Performance Stats And Milestones appeared first on The Coin Republic.