NEAR Protocol (NEAR) Explodes 26% to Lead AI Crypto Rally

Table of Contents NEAR Protocol experienced a remarkable 26.52% price increase over a single 24-hour period on Friday, pushing its value to approximately $2.19. This explosive movement positioned NEAR as the leading performer within the AI cryptocurrency sector. The dramatic price surge originated from a short squeeze occurring at the $1.72 resistance zone. Approximately $5.8 million in leveraged short positions were forced to liquidate, catapulting the price more than 70% above its monthly floor of approximately $1.25. Trading volume for NEAR exploded to $825 million over 24 hours, representing a substantial 124% jump. The token’s market capitalization climbed to $2.84 billion. NEAR’s performance eclipsed every competing AI-focused token during this period. Worldcoin posted gains of 9.94%, Fetch.AI (FET) climbed 8.42%, and Internet Computer registered a 3.31% increase. NEAR’s advantage over the second-best AI token exceeded 15 percentage points. NVIDIA’s first quarter fiscal 2027 earnings report, unveiled on May 20, revealed impressive 85% year-over-year revenue expansion and quarterly revenue totaling $81.6 billion. The tech giant simultaneously authorized $80 billion in stock buybacks and increased its dividend. These developments strengthened overall market confidence in AI infrastructure, extending to decentralized AI initiatives like NEAR Protocol. NEAR’s privacy-focused AI capabilities operate on NVIDIA-backed Trusted Execution Environments, removing sensitive information before transmitting queries to large language models including ChatGPT and Claude. The platform’s emphasis on the “Agentic Web,” enabling AI agents to manage payments, identity verification, and cross-chain operations, distinguished it during this market transition. NEAR Protocol recently implemented a significant change to its tokenomics, slashing its yearly inflation rate from 5% down to 2.5%. Network fees are now deployed to repurchase NEAR tokens from the open market. NEAR successfully pierced through a multi-year descending trendline, achieving this milestone for the first time since reaching its 2024 cycle peak. Open interest surged past $473 million, signaling fresh capital inflows into the market. $NEAR still a great move, this one has held up better than most other coins. I think that this is still 1 of the best coins on the market pic.twitter.com/robzqHwmPV — Altcoin Sherpa (@AltcoinSherpa) May 21, 2026 Trader DonWedge identified a descending wedge formation on May 7, establishing a $3.00 technical projection. He publicly verified the breakout on May 21. Elliott Wave technician More Crypto Online has mapped Fibonacci extension objectives at $2.30, $2.50, and $2.87. Multiple short-term moving averages spanning the 10, 20, 30, and 50-period timeframes are all flashing buy signals. Crypto analyst Michaël van de Poppe characterized NEAR as displaying “one of the most bullish charts in the ecosystem,” noting that sustained price action above $1.40 should enable further upside. He referenced NEAR’s revenue expansion and the practical applications of NEAR Intents as fundamental drivers supporting his bullish thesis. Altcoin Sherpa similarly endorsed the asset, declaring it “still one of the best coins on the market.” One of the most bullish charts in the ecosystem: $NEAR. Resilient despite the recent correction on the markets, price already rallies towards new highs. As long as this stays above $1.40, I would assume that there's continuation on the board. I remain to be expecting a $2.00… pic.twitter.com/mFzn0L8ZkV — Michaël van de Poppe (@CryptoMichNL) May 19, 2026 Despite impressive price performance, blockchain metrics present a contrasting narrative. Daily active addresses plummeted from nearly 3 million users earlier in the year to approximately 266,000 currently. This decline accelerated following April and has yet to show signs of reversal. Major resistance levels are positioned between $2.80 and $3.25. A sustained weekly close above this zone could unlock upside potential toward $4.50 and higher targets. Immediate support rests at $2.20, with additional cushions at $1.80 and $1.50 beneath current levels.