$NEAR network’s TVL triples to 177 million dollars in under two months! What is fueling this move?

The native token of NEAR Protocol, NEAR, has continued its upward momentum after breaking through a significant resistance zone. Alongside bullish technical indicators, growing decentralized finance (DeFi) activity and expanding liquidity on the network signal increasing user engagement across the protocol.

A critical threshold surpassed in technical outlook

At the time of reporting, NEAR was trading at 2.31 dollars. Its 24-hour trading volume reached 393.49 million dollars, with a market capitalization around 3 billion dollars. While price movements remained relatively stable in the last day, both price structure and ecosystem data keep market expectations for further gains in play.

According to crypto analyst Crypot Spaces, NEAR has reclaimed an important resistance level that previously proved difficult to overcome, turning it into a robust support area. In technical analysis, such shifts are seen as signs that buyers are exerting stronger control over the price action.

Should this breakthrough sustain, analysts suggest the next significant target for NEAR could be 3.20 dollars. If the price remains solidly above its current range, continued upward pressure could lead to new highs for the token.

DeFi metrics energize on-chain activity

Data shared by MSB Intel reveal renewed acceleration in DeFi activity within the NEAR ecosystem. As more users return to the network, the total value locked (TVL) has increased sharply. NEAR Protocol stands out as a layer 1 blockchain known for its focus on artificial intelligence and blockchain-driven infrastructure.

Glossary: TVL refers to the total dollar value of assets locked in decentralized finance applications on a blockchain. An increase in this figure often signals rising capital inflow and greater usage of the network’s services.

The ecosystem’s TVL has essentially tripled in less than two months. On-chain data indicates that locked assets grew from about 60 million dollars to 177 million dollars, representing over 117 million dollars in new capital entering the network in a short span.

The surge in liquidity is reported to be supported by users continuing to lock assets, lend, and pursue yields on the NEAR network. If this activity persists, both overall ecosystem engagement and the asset’s bullish outlook could be sustained in the coming period.

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