NEAR Protocol (NEAR) Skyrockets 50% After Arthur Hayes Names It a Top Altcoin Pick

Key Highlights

• NEAR Protocol rallied 50% over a seven-day period, reaching a six-month peak of $2.34.
• BitMEX co-founder Arthur Hayes labeled NEAR as one of three essential altcoins, sparking retail momentum.
• Bitwise’s NEAR exchange-traded product saw significant institutional capital inflows.
• The protocol unveiled upgrades focused on AI capabilities, privacy features, and dynamic resharding technology.
• Chart analysis reveals a breakout from a long-term falling wedge pattern, targeting $5.75.

NEAR Protocol delivered an explosive performance this week. The cryptocurrency surged 50% across seven trading days, peaking at $2.34 on Friday—the highest level recorded in half a year. Over the past 24 hours alone, NEAR jumped 34%, while trading volumes spiked 190% to reach $1.15 billion, indicating powerful buying pressure.

This sharp upward movement resulted in more than $9.85 million in liquidated short positions, wiping out bearish bets placed against the cryptocurrency.

Much of the momentum traces back to Arthur Hayes, the high-profile crypto investor and co-founder of BitMEX. Hayes publicly identified NEAR alongside HYPE and ZEC as the “holy trinity” of alternative cryptocurrencies. According to Coin Bureau’s post on X, this single endorsement catalyzed a roughly 30% price spike.

As one of crypto’s most influential figures, Hayes commands substantial retail attention, and his public support rapidly amplified interest in NEAR.

Institutional Capital and Network Activity

The rally extends beyond social media hype. Bitwise announced substantial inflows into its NEAR-based exchange-traded product, signaling genuine institutional appetite. On-chain researcher and former NEAR ecosystem contributor Vadim Zacodil pointed to the protocol’s token buyback program as an additional price support mechanism.

NEAR co-founder Illia Polosukhin’s expertise in artificial intelligence has positioned the project favorably during the current AI token surge. Simultaneously, other AI-linked cryptocurrencies including Grass, OpenServe, and Artificial Superintelligence Alliance (FET) recorded double-digit percentage gains within the same 24-hour timeframe.

The combined market capitalization of AI and big data cryptocurrency tokens climbed 8% to $21.44 billion in a single day, demonstrating sector-wide momentum.

Technical Developments and Price Projections

Nvidia’s impressive Q1 2026 financial results—approximately $81.6 billion in revenue with projections approaching $1 trillion for 2027—provided additional tailwinds for AI-related blockchain projects. Historical patterns show NEAR’s price sensitivity to Nvidia earnings, including a 58% surge in February following the chip maker’s Q4 2025 report.

NEAR has scheduled meaningful protocol enhancements for June, including dynamic resharding technology designed to dramatically expand network throughput. The development team has also prioritized privacy-focused features and confidential transaction capabilities—a technical challenge Vitalik Buterin has identified as critical for blockchain’s future.

MN Capital’s founder Michael van de Poppe shared on X that NEAR displays “one of the most bullish charts” currently available. He identified immediate resistance levels at $2 and the $2.25–$2.50 range, with a subsequent target near $2.75. Successfully clearing the $2.60–$3.00 supply zone could establish a path toward the technical target of $5.75 based on wedge pattern measurements.

BitMEX Research Analyst Shang Wu observed earlier this month that NEAR trades at approximately 56x annualized fees, representing a discount compared to most competing Layer 1 blockchain platforms.

By Friday’s close, NEAR Protocol’s market capitalization approached $3 billion, marking a monthly increase exceeding 50%.

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