Solana dominated the news lately after addressing this week’s exploit by emphasizing the need to heighten wallet address protection.
Meanwhile, NEAR protocol took note promptly, taking the move to enhance security for NEAR wallet users.
Moreover, Near Protocol recently confirmed securing reviews on the wallets early this week. That comprises searching for possible vulnerabilities that could affect users.
The security update discovered vulnerabilities involving addresses where a third party handled the email or SMS recovery data.
The protocol wants to suspend the email and SMS recovery options to heighten wallet security. New wallets won’t have this approach, and NEAR has urged existing investors to modify security settings.
The move by NEAR protocol to concentrate on safety and protect user addresses might boost investor confidence. Meanwhile, NEAR surged 17.5% on August 5 (within hours) following the security update release.
NEAR has had an ascending resistance confining its near-term price action. The August 5 upsurge triggered a retest of a resistance line, and NEAR crossed beyond that hurdle before encountering some friction.
That saw the price on a slight retest. Also, NEAR’s ongoing retracement isn’t surprising as the uptick briefly pushed prices inside the overbought territory.
A Massive Whale Splash
The asset’s massive Friday bullish surge received support from an enormous market cap surge. The latter increased by over $500 million amidst that trading session.
When such a tremendous amount doesn’t move quickly, that will clarify why the recent pullback hasn’t been as prominent.
The press time market capitalization remained well positioned beyond $3.8 billion. Though massive inflows backed the resistance breakout, they could also support higher prices. Nevertheless, the volume index may suggest otherwise.
Why Massive Upsides Could Be Imminent
Friday’s price surge plus massive market capitalization inflows received support from the 2nd-largest volume upsurge over the past four weeks. The volume has never recorded such volume increases since July 19 and 20.
A slight retracement appeared before another bullish push which propelled prices higher. NEAR’s weighted sentiment index could also favor another bullish move.
Surprisingly, the weighted sentiment hovered at -2.29 during this publication, the lost market over the past four months. That shows that NEAR’s price could see further upside. However, time will confirm.
Editorial credit: Ira Lichi / shutterstock.com
