Near Protocol Token Sees Price Bump Ahead of SpaceX IPO

The Near Protocol token, NEAR, has seen a price increase of 2.88% in the past 24 hours to $2.17, despite Bitcoin's struggles. However, the question remains whether this is the start of a stronger recovery or just another trap before a deeper drop.

NEAR has faced rejection at the $2.25 level once already and has a lower high on its chart, which is typically a bearish signal in technical analysis. The 14-day RSI is neutral, neither overbought nor oversold, but this doesn't favor either bulls or bears.

According to GainMuse's analysis shared on CoinMarketCap, NEAR's price is currently biased to the downside, with $1.75 identified as the key support level where the main trendline sits. Below $1.70, the broader macro structure begins to break down, which would be a more serious problem than a short-term correction.

However, upcoming developments could provide support for NEAR. Investors are watching the anticipated SpaceX IPO, expected to price on June 11 and begin trading on June 12. SpaceX's recent acquisition of Elon Musk's xAI lab has framed the offering as a major AI trade, driving capital into AI-linked cryptocurrencies.

NEAR markets itself as a Layer-1 blockchain built specifically for AI development, making it one of the more direct proxies for this theme in the crypto market. The current price rebound is partly due to capital rotating out of Bitcoin and into AI-themed altcoins.