Bitwise Seeks NEAR ETF Approval: Token’s Trading Volume Soars 50%, $3 Next?

NEAR Protocol’s native token, NEAR NEAR $1.02 24h volatility: 3.2% Market cap: $1.32 B Vol. 24h: $82.35 M , is trading around $2.30 on May 7 after briefly rallying over 5% earlier in the day, from $2.23 to $2.38.

This comes amid renewed investor interest as Bitwise, one of the largest digital asset managers in the US, has formally submitted a registration statement to the SEC to list a spot NEAR exchange-traded fund (ETF).

It is important to note that the specifics of the proposed Bitwise NEAR ETF remain under wraps, including the ticker and listing exchange. However, the asset manager has appointed Coinbase Custody as the custodian for the fund. 

Trading volume for NEAR has surged by over 50% in the past 24 hours, according to CoinMarketCap data, suggesting that the filing has caught traders’ attention.

Bitwise also confirmed plans to file a 19b-4 form to initiate the SEC’s approval process. If approved, the financial product would bring NEAR into mainstream financial markets.

NEAR Protocol, once dubbed an “Ethereum killer”, has recently redirected its development focus from DeFi to artificial intelligence infrastructure. It now aims to build the world’s largest open-source large language model, pushing it to the frontier of AI-blockchain integration.

NEAR Price Outlook

NEAR currently sits as the 44th largest crypto by market cap at $2.78 billion. AltCryptoCast’s founder Sjuul commented on X that NEAR remains in a “clear bullish trend” and is currently testing a crucial support-resistance flip. 

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$NEAR is still trading in a very clear bullish trend.

Now we are potentially forming the high timeframe higher low at a key support/resistance level.

Probably nothing, right? pic.twitter.com/64GROATL4I

— Sjuul | AltCryptoGems (@AltCryptoGems) May 6, 2025

Popular crypto analyst LaCryptoLycus called the altcoin one of the most underappreciated in the current market cycle. He noted NEAR’s recent stabilization above the $1.75 support level, suggesting that if the token reclaims the $3.70 level, it could surge to $5 in the coming weeks.

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$NEAR, one of the most undervalued altcoins had formed a bearish failure swing before the start of this year.

Since then, $NEAR has continued to decline but the price now appears to be stabilizing above the $1.75 support zone. If it can reclaim the $3.70 resistance level then we… pic.twitter.com/Vtq0Xd2K6q

— LaCryptoLycus🐺 (@CryptoLycus) May 6, 2025

On the daily NEAR price chart, the RSI sits around 45, suggesting the token is moving slightly toward bearish momentum. If buying interest continues, this neutral territory could offer a base for a potential upward trend.

Meanwhile, Bollinger Bands show a squeeze pattern forming, with NEAR trading just below the mid band (20-day SMA). This compression hints at an upcoming breakout or breakdown, depending on the trading volume. 

A sustainable hold above the middle band near $2.40 could mark bullish continuation toward the $2.70-$3.00 zone.

On the other hand, the MACD line just crossed below the signal line, with histogram printing red bars. This generally indicates weakening upward momentum. Still, if bulls manage to cross the $2.20-$2.25 support band, they could see a bullish reversal.

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