Can NEAR price reach $2 as fresh catalysts emerge?

NEAR Protocol's native token has started climbing again after gaining more than 3% over the past 24 hours, as a proposed sovereign wealth fund, an updated US spot ETF filing, and improving market sentiment have combined to lift investor interest.

According to CoinGecko, NEAR traded around $1.76 during Tuesday's session after rising from roughly $1.70 over the previous day. 

The rally unfolded in stages rather than through a single spike, with buyers repeatedly stepping in after minor pullbacks before the token challenged the $1.77 area.

One of the biggest developments came from NEAR co-founder Illia Polosukhin, who introduced a governance proposal to establish a NEAR Sovereign Wealth Fund with an initial allocation of 30 million NEAR. 

The proposal outlines a treasury management framework designed to generate yield from protocol assets instead of relying primarily on token emissions to finance ecosystem operations.

Under the proposal, income generated by the fund would cover expenses including validator rewards, Multi-Party Computation security, and community public goods. 

Polosukhin said the long-term objective is to reduce inflationary pressure and eventually move the network toward a fixed maximum token supply.

The proposal also introduces a governance model called the "House of Stake," which would place treasury decisions on-chain through a transparent voting process. 

Supporters argue that moving treasury management into an open governance framework could improve accountability while giving token holders more visibility into how protocol reserves are deployed.

For investors, the prospect of lowering long-term token issuance has become one of the strongest bullish arguments surrounding NEAR. 

A fixed supply model would reduce structural dilution over time, although the proposal still requires governance approval before any such transition can take place.

Institutional interest has also received fresh attention after Bitwise amended its registration documents for a proposed US spot NEAR exchange-traded fund.

The updated Form S-1/A filed with the US Securities and Exchange Commission provides additional operational details, including the use of institutional custodians such as Coinbase Custody and BNY Mellon for staking-related functions. 

The filing also includes verified information regarding the fund's seed capital.

Although the SEC has not approved a spot NEAR ETF, amendments to registration statements are commonly viewed as part of the regulatory review process. 

Market participants often interpret such updates as evidence that issuers are continuing to work with regulators while refining product disclosures.

A regulated investment vehicle would give traditional investors exposure to NEAR without directly holding the underlying token. 

Approval remains uncertain, but the filing has added another catalyst at a time when sentiment around digital asset investment products continues to improve.

Outside protocol-specific developments, macroeconomic conditions have also offered support.

Lower oil prices and easing inflation concerns have helped improve risk appetite across financial markets, creating a more favorable backdrop for cryptocurrencies. 

Against that environment, positive developments specific to NEAR have attracted additional buying interest as traders rotated into selected altcoins.

Price action over the past day supports that narrative. Rather than immediately retracing after the initial move, NEAR continued producing higher intraday highs while buyers defended dips around the $1.73 to $1.74 range. 

The token later extended its gains toward $1.76 before encountering resistance near $1.77.

NEAR price outlook: Can technicals support a larger rally?

The daily chart suggests NEAR's recovery is beginning to strengthen, although confirmation of a sustained trend reversal has yet to emerge.

NEAR/USDT 1-day price chart. Source: TradingView.

Price has climbed above the Hull Moving Average, which currently sits near $1.74. Recovering that moving average indicates that short-term momentum has turned positive after weeks of weakness.

The Squeeze Momentum indicator presents a more balanced picture. While its histogram remains below the zero line, the negative bars have steadily become smaller. 

Such a pattern indicates bearish momentum is fading, though buyers would still need a move into positive territory to confirm stronger upside momentum.

Trading activity has also improved during the recent advance. Rising volume accompanying higher prices often carries more weight than rallies that develop on declining participation, suggesting buyers have become more active during the latest recovery.

The 4-hour chart paints an even stronger short-term picture as NEAR has formed a sequence of higher highs and higher lows since rebounding from recent lows, indicating buyers have regained control over the shorter timeframe.

NEAR/USDT 4-hour price chart. Source: TradingView.

The Money Flow Index has climbed to around 86, pointing to strong capital inflows into the token. 

Readings above 80 are traditionally considered overbought, meaning demand has accelerated rapidly but could also leave room for short-term profit-taking if buying slows.

The Stochastic RSI tells a similar story. Both lines remain above the 90 level, signaling strong upward momentum while also placing the indicator in overbought territory. 

Historically, such readings can either precede a brief consolidation or continue higher if fresh buying enters the market following a major catalyst.

Taken together, the indicators suggest bullish momentum currently outweighs bearish pressure, even if the pace of the rally temporarily cools after recent gains.

Immediate resistance sits near the $1.77 level, where price has already faced multiple intraday rejections. 

A decisive break above that zone could expose the psychologically important $1.80 level. 

If buying pressure remains supported by continued optimism surrounding the sovereign wealth fund proposal and Bitwise's ETF application, traders may begin watching the $1.90 region, followed by the previous swing high around $2.00.

On the downside, the first area to watch remains between $1.73 and $1.74, where recent pullbacks have repeatedly attracted buyers and where the Hull Moving Average currently provides dynamic support. 

Losing that level could open the door for a retest of the $1.70 area, potentially delaying the recovery while the market waits for additional catalysts.