NEAR Protocol Is Up 122% in a Month While Bitcoin Gained 8%. Can the Rally Last?

NEAR Protocol (CRYPTO:NEAR) has seen remarkable growth, climbing about 122% over the 30 days leading up to October 5, 2026. By comparison, Bitcoin (CRYPTO:BTC) posted a modest rise of about 8%. NEAR’s performance even surpassed Ethereum’s 11% and Solana’s 18%, more than doubling the second-highest increases among larger coins: Sui at 58% and Arbitrum at 55%.

As of October 7, NEAR is trading at $5.19, up 6.4% in the past week, while Bitcoin gained only 1.4% and Ethereum dipped 1.8%. So, what’s driving NEAR’s impressive performance, and can this rally be maintained?

NEAR’s Latest Surge Has No Confirmed Catalyst

NEAR Protocol runs a blockchain that serves as a public ledger for developers to build applications. However, there hasn’t been any significant announcement, such as an upgrade, new exchange listing, or partnership, that could explain the surge in value over the past month. Additionally, fund-flow data does not indicate a specific reason for this spike.

NEAR’s price increase appears to follow a trend of traders focusing on crypto assets linked to artificial intelligence. In May, Arthur Hayes, co-founder of BitMEX, mentioned on The Rollup podcast that “NEAR has a 20x potential,” and he named it alongside Zcash and Hyperliquid among his top speculative picks. At that time, NEAR traded around $3, indicating a rise of about 75% since his recommendation.

Typically, when Bitcoin’s price changes only slightly while a mid-sized coin like NEAR rises dramatically, it’s driven by enthusiasm from its own buyers. New traders entering the market, funds accumulating more positions, and speculators chasing trends can drive up the price much faster than any changes in network usage.

Additionally, forced buying can contribute to price increases. Traders who hold short positions—trades that profit if the price falls—may have those positions closed automatically by exchanges when prices rise. This creates even more buying pressure, but such rallies usually fade once short positions have been cleared.

NEAR Still Trades About 75% Below Its All-Time High

While NEAR is up about 63% over the past year, this recent rally follows a recovery rather than a bounce back from a downturn. Nonetheless, NEAR’s current price is still about 75% below its all-time high of $20.44, reached in January 2022.

This significant gap means that many buyers from the peak are still at a loss. Some of these investors might sell their holdings if NEAR continues to rise, aiming to recoup some losses, which could limit future growth as the price approaches higher levels.

NEAR’s Unlimited Supply Could Dilute Holder Value Over Time

Currently, NEAR boasts a market value of around $6.8 billion, with approximately 1.31 billion coins in circulation. Unlike Bitcoin’s capped supply, NEAR has no maximum limit, meaning new coins can continue to be issued.

This potential for infinite supply could dilute the value of existing coins over time. For holders to benefit fully from price gains, those increases must outpace the rate at which new coins are being introduced. Moreover, a coin that rises 122% in a month can also fall just as sharply, since such drastic shifts often rely on a small group of buyers.

Can the NEAR Protocol Rally Continue?

NEAR’s recent gains appear more sustainable than a fleeting spike, as the coin has climbed 6.4% over the past week while Bitcoin has remained relatively static and Ethereum has dipped. This trend suggests buyers are consistently entering the NEAR market on their own.

However, the rally still lacks a confirmed catalyst, and NEAR remains 75% below its all-time high, a scenario where sellers from the 2022 peak could limit further price increases.

As a result, investors face a rally largely driven by trader sentiment, which can reverse unexpectedly. If NEAR continues to show positive weekly performance versus Bitcoin and a clear driver for this growth emerges, the momentum could evolve into a lasting trend. Conversely, if NEAR’s weekly performance turns negative again without any forthcoming catalyst, the rally may have peaked in early October.

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