NEAR crypto approaches $2.55 – Will profit-taking stop the breakout?

$NEAR protocol [$NEAR] has continued its bullish trajectory and is currently just $0.10 away from $2.55. In the last 24 hours, the token has recorded a 10% daily gain as of writing, while the trading volume grew by 67% to $676 million.

Meanwhile, the increase in both price and trading volume is pointing to the fact that buyers continue to exert pressure on $NEAR after its breakout out of a pennant consolidation formation.

The recent consistent gains speak volumes, more so given that the consolidation phase had held for weeks. Will the buyers prolong their dominance?

$NEAR’s network TVL crosses $60M

Zooming down to the token’s long-term indicators, its network activity is also giving the rally another fundamental catalyst.

$NEAR’s Total Value Locked has crossed $185 million after an exponential surge from $83 million back on the 17th of August. These gains marked another milestone for the network’s emerging infrastructure.

Rising TVL indicates that more capital is being committed to the protocol, potentially strengthening demand if adoption continues to expand. Interestingly, the timing is notable since the surge in locked capital comes as $NEAR’s price and trading activity accelerate.