NEAR Protocol continued its strong rally on May 29 as the market reacted to a major product launch, rising network activity, and improving technical indicators across the broader crypto market.
NEAR climbed more than 10% over the past 24 hours to trade around $2.56 at press time, extending its weekly gain to over 20%.
Trading activity also accelerated sharply, with 24-hour trading volume crossing $815 million.
Universal Send launch boosts investor sentiment
One of the biggest drivers behind NEAR’s latest rally is the launch of Universal Send, a new payment and asset transfer system built on the NEAR ecosystem.
The feature allows users to send tokens across different blockchains in a single transaction without manually bridging assets or swapping between networks. The process combines cross-chain transfers, token conversion, and settlement into one flow.
The launch is tied to NEAR Intents, the protocol’s infrastructure layer designed to simplify blockchain transactions.
According to the project, NEAR Intents has already processed more than $18 billion in cumulative transaction volume.
The rollout appears to have strengthened investor confidence because it targets one of the biggest problems in crypto: the complexity of moving assets between blockchains.
Under the new system, users can reportedly scan QR codes and pay with whatever token they already hold, while recipients receive their preferred asset automatically.
The infrastructure relies on third-party execution agents known as “solvers” to complete transactions across networks.
The project also introduced privacy-focused features tied to Trusted Execution Environment technology and a private NEAR shard, allowing transaction details and balances to remain hidden from public view during transfers.
Technical indicators remain bullish despite overbought signals
NEAR’s price structure has also improved significantly from a technical perspective over the past two weeks.
NEAR is currently trading above its 10-day, 20-day, 50-day, 100-day, and 200-day exponential moving averages on the daily chart.
That setup is generally viewed as a sign of sustained upward momentum because the shorter-term averages remain stacked above the longer-term averages, while the 200-day EMA continues to act as long-term support.
The token has also gained roughly 66.5% over the past 14 days and nearly 90% over the past month, showing how quickly momentum has accelerated since the beginning of May.
However, some indicators suggest the rally may be becoming overheated in the short term.
The Relative Strength Index (RSI-14) is currently around 64.70, approaching overbought territory and signalling that traders may begin taking profits after the strong upward move, which could in turn cause a short-term price correction.
Near Protocol price forecast
In the short term, the first major resistance sits around $2.97.
A break above that level could open the door for another leg higher and potentially push the token toward the psychological $3 mark.
On the downside, immediate support is seen near the $2.40-$2.45 range, while stronger structural support remains closer to the 200-day EMA.
Analysts view those zones as important for maintaining the broader bullish structure that has formed over recent weeks.
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