NEAR Protocol Price Forecast: Rebound reclaims $5 amid steady ETF inflows

NEAR Protocol (NEAR) price is holding steady above $5 at press time on Friday, sustaining its 7% rebound gains from the previous day. NEAR Protocol expands its Multi-Party Computation (MPC) network to 17 independent mainnet operators and adopts the HSP-007 proposal for protocol-funded incentives. Bitwise’s NEAR-focused Exchange Traded Fund (ETF) sees consistent buying pressure, with over $1 million on Thursday, heading for a third straight week of inflows.

NEAR ETF eyes third straight weekly inflow amid new protocol-funded incentive

NEAR Protocol has sustained institutional confidence since the launch of Bitwise’s NEAR ETF (NRR). SoSoValue data shows NRR recorded $1.13 million on Thursday, bringing the week's total to $9.04 million. A positive inflow on Friday would mark the third consecutive weekly inflow for NRR, after $13.05 million the previous week. 

On the other hand, NEAR Protocol’s MPC network is now run by 17 independent mainnnet operators funded by the protocol. The HSP-007 proposal, approved by NEAR Protocol’s governance system, House of Stake, moves node operations from bootstrapped grants to a standing program backed by the protocol’s emissions and governed by NEAR token holders. This reflects a shift from funded initiative to economic sustainability and long-term, industry-wide infrastructure confidence in MPC and NEAR intents.

Taken together, the protocol’s growing confidence in its MPC network and transaction protocol, amid strong demand for NEAR-focused funds, points to a long-term bullish outlook.

Technical outlook: NEAR Protocol’s rebound reclaims $5 but lacks momentum

NEAR Protocol trades at $5.2380 at press time on Friday, maintaining its constructive bullish tone after rallying more than 170% last month. The price holds above the 50-period Exponential Moving Average (EMA) at $5.1115 on the four-hour chart after the 7% rebound the previous day, which avoided contact with the 200-period EMA at $4.4480.

Momentum remains mixed to bullish on the four-hour chart, with the Moving Average Convergence Divergence (MACD) rising above its signal line, yielding a positive histogram, while the Relative Strength Index (RSI) near 53 suggests steady but not overstretched momentum.

Looking up, the immediate resistance for NEAR aligns with the September 28 high at $5.5780, which capped gains on October 8. Beyond that, NEAR must surpass Monday's high near $6.0000 for a sustained recovery. Based on the Fibonacci retracement of the downswing from $6.0000 to $4.5270 seen earlier this week, the 161.8% extension level at $6.9103 is projected as the next crucial overhead target.

On the downside, initial support is seen at the 50-period EMA near $5.1115, ahead of the deeper Fibonacci anchor at $4.5270, reinforced by the 200-period EMA at $4.4480.

(The technical analysis of this story was written with the help of an AI tool. Know more.)