NEAR Protocol Records $677M Intents Activity as Bulls Watch $2.20–$2.30

The Near Protocol recorded $677 million in intent-driven trading over the past seven days, its strongest weekly activity since November 2025, according to on-chain data being shared from Flowslikeosmo. The strong trading activity comes even as discussion on social media platforms has been muted.

The weekly chart indicates a 50% increase from the previous week, which is a sign of increased engagement with the Intents framework of NEAR.

Analysts believe that this significant increase is the first sign of a shift in on-chain activity, where users and applications rely more on automated execution than manual transactions. This is usually a sign of increased liquidity in Layer-1 networks.

Also Read: NEAR Protocol Eyes Bullish Turn After Solana Network Listing

Technical Outlook Remains Bearish

However, the price of the token is still carrying a heavy burden despite the rise in network activity. On the two-day chart, the token is moving below its 20, 50, 100, and 200 exponential moving averages, indicating a bearish cycle that has been ongoing since October to the present.

The price chart continues to make lower highs and lower lows, indicating that this round of consolidation is a pause, not a proven turn. As long as the token remains below the 50-EMA, the downside risk remains in control.

Support is in the $1.50-$1.52 range, which has absorbed the recent selling pressure. Breaking below this level may unleash additional downside targets at $1.38, and subsequently at $1.25, should the selling momentum pick up. On the other hand, the initial resistance is between $1.65 and $1.70, and a stronger one is at $1.88, which corresponds to the 50-EMA.

The momentum indicators continue to be weak, as price is repeatedly rejected from the 20-EMA and the Bollinger mid-band. Volatility has died down since the sell-off in December, solidifying the $1.38 level as the baseline downside target.

The bulls’ way forward will only be cleared if the token breaks out convincingly above $1.90, which could lead to a move towards $2.20-$2.30, with $2.71 as the target on the higher time frames.

Grayscale Eyes NEAR Spot ETF

Grayscale has made a bold move to ground the on-chain momentum in more familiar territory: it proposed a change to its Grayscale Near Trust to a spot NEAR exchange-traded fund, to be listed under the ticker GSNR, as highlighted in a post by CryptoPatel.

Currently, the trust holds approximately $900,000 in NEAR tokens. It is worth noting that the tokens are currently trading above their net asset value. This is usually an indication of increased confidence, as opposed to price speculation.

If approved by the regulators, the product would follow the same path that was paved by Bitcoin and Ethereum spot ETFs. Before the filing was reviewed, it highlighted an increasing appetite of institutions to expand regulated crypto exposure beyond the largest assets.

Why This Matters

An increase in on-chain activity during a downward price movement usually indicates quiet accumulation and fundamental demand that could signal a potential revaluation of the market.

As Intents continue to gain popularity and institutions make their first bets, a chasm opens that traders and investors alike are watching closely.

Price action has not yet indicated a reversal, but network activity could guide future price action once the market settles.

Also Read: NEAR Protocol Set for Bullish Breakout With $11 Potential