- NEAR token is now live on Solana, enabling fast, low-cost cross-chain transactions
- The Solana ecosystem increases the NEAR liquidity and participation opportunities of DeFi
- Technicals indicate support at $1.44 and resistance at $1.67-$2.40, with a possible near-term rebound
The original token of the NEAR protocol, the token, is now live on the Solana blockchain. The development will give users of the token access to the fast and cheap environment that the Solana blockchain provides. This means that users of the two Layer 1 blockchain networks have access to different decentralized applications.
This development represents the improvement of the relationship between the NEAR ecosystem and the Solana blockchain, as it improves on-chain usability and enables cross-chain connectivity. The bridge created by the two blockchain networks prepares users for the opportunity to diversify by accessing new applications or taking advantage of the DeFi solution offered by the Solana chain. This development represents the growing adoption of the use of multiple blockchain networks.
Also read: NEAR’s December momentum: Bulls hoping for solid finish in 2025
NEAR’s weak bearish momentum signals recovery
Technically, over the past month, one can see that there has been a clear downward trend in the value of the token, creating both lower highs and lower lows. In the short term, the moving averages (20 MA and 50 MA) were below the respective long-term moving averages (100 MA and 200 MA), indicating the strength of the downtrend. However, a slight recovery took place around the $1.40 level and current prices are around $1.55, with resistances at $1.67, $1.99, $2.31 and $2.40.
Source: Trading view
The RSI (14) is at 39.55, which is almost oversold regions, indicating that any selling momentum is slowing and a pullback could be imminent. The MACD is weak and slightly negative, with a line below the signal line, indicating that any falling momentum is also weak. Despite being under constant pressure to fall, both the RSI and a slight increase in prices indicate a possible recovery.
NEAR Eyes $1.44 Support for potential short-term bounce
Recently, the price saw a slight rebound from the lower Bollinger Band around $1.44, indicating possible support levels. Since the midline, or 20-day SMA, is $1.67, this indicates that the price is still below the short-term average, indicating continued bearish conditions.
Source: Trading view
The Awesome Oscillator indicates strong bear pressure, with the majority of bars being red and below the zero line. The green bars correspond to small bullish moments that were not sustainable. The recent green bar indicates decreasing bear pressure; however, it does not indicate the end of the bear market. The main hurdles for NEAR are around $1.67 and $1.90, with $1.44 acting as the support level.
Also Read: NEAR Protocol (NEAR) Targets $3 Target After Record 1 Million TPS and $7 Billion Intent Raising
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