NEAR Protocol's token surged 7% in the past 24 hours, climbing to $1.62 as a broader rally in AI-linked cryptocurrencies picked up steam. Daily trading volume jumped 32% to $295 million, and the move came as traders looked ahead to Nvidia's first-quarter earnings report, scheduled for May 20.
AI token rally spreads
NEAR wasn't alone. Injective, Theta Network, and Akash Network each gained more than 5% over the same period. The pattern isn't random — Nvidia, the dominant maker of chips used for AI workloads, reported earnings earlier this week, and anticipation around that event helped push tokens with AI ties higher. Investors tend to treat these names as a proxy for the broader AI sector.
What the chart says
On NEAR's daily chart, a cup-and-handle pattern is visible — a setup some traders read as a bullish continuation signal. Relative Strength Index sits near 64, not yet in overbought territory, and price is holding above its major moving averages. That technical posture gives bulls a case, but it's not a clean run.
Short-term support sits at $1.50. Resistance is at $1.70. If NEAR breaks that level, the next targets on the pattern are $2.00 and then $2.50. A lot has to go right to get there, but for now the momentum is with the buyers.
The Nvidia effect
Nvidia's report — due May 20, now in the rearview — was a known catalyst. AI crypto tokens tend to move in sympathy with big tech earnings tied to AI infrastructure. The exact impact of Nvidia's actual numbers isn't clear from the price action alone, but the run-up shows how tightly crypto AI tokens track that narrative.
Whether the rally holds depends on whether the broader market sees follow-through. NEAR's volume surge suggests real demand, not just noise. The next test will be whether buyers can push through $1.70 in the coming sessions.
