"Nvidia's Tailwind Makes It the Biggest Beneficiary"...NEAR's 50% Rally in a Week Wipes Out Short Positions

▲ NEAR Protocol (NEAR)/AI generated image

Amidst the rally in artificial intelligence (AI) themed cryptocurrencies, NEAR Protocol (NEAR) surged 50% in a week, reaching its highest level in six months. With network upgrades, Nvidia's earnings outlook, and a general rebound in AI tokens converging, the market even discussed the possibility of entering the $5 range.

Cointelegraph reported on May 22 (local time) that NEAR Protocol led the AI-powered token rally, climbing 34% in 24 hours to reach $2.32. NEAR Protocol is 50% higher than seven days ago and has increased by 115% over the past 90 days.

According to TradingView data, NEAR Protocol's rebound began at a low of $1.48 on Monday. It then rose 58% to $2.34 by Friday, marking a six-month high. Its 24-hour trading volume also increased by 190% to $1.15 billion, supporting the strength of buying pressure.

As NEAR Protocol's price surpassed $2.30, short positions of investors who had bet on a decline were liquidated. According to the article, over $9.85 million in short positions were liquidated. NEAR Protocol recently announced major upgrades focusing on privacy, AI integration, and network scalability, and Aurora, an Ethereum-compatible scaling solution based on NEAR Protocol, also announced an update to its Aurora Intents Widget.

AI-themed cryptocurrencies across the board also showed strength. GRASS rose over 27% in 24 hours. OpenServe (SERVE) increased by more than 21%, and FET by more than 11%. The total market capitalization of AI and big data-related cryptocurrency projects and tokens increased by 8% in 24 hours to $21.44 billion.

Cointelegraph also stated that Nvidia's dominance in the AI market and revenue forecasts contributed to the AI token rally. According to the article, Nvidia maintains an 81% to 90% share in the AI accelerator market and reported substantial profits of approximately $81.6 billion in Q1 2026. It also raised its estimated revenue opportunity to $1 trillion by 2027.

Technically, NEAR Protocol broke out of a multi-year falling wedge pattern that had suppressed its price since late 2024. However, a strong resistance zone remains in the $2.60 to $3 range. Cointelegraph analyzed that if NEAR Protocol breaks through this zone, an upward path could open up to $5.75, which is the measured target price of the wedge pattern. The Relative Strength Index rose to 63, indicating increasing upward momentum.

Michael van de Poppe, founder of MN Capital, stated on X (formerly Twitter) that NEAR Protocol is showing “one of the most bullish charts” in the market. He believed that an upward continuation was possible as long as the $1.40 support level was maintained, and then identified the first major resistance levels at $2 and $2.25-$2.50. He added that NEAR Protocol is showing a clear upward trend and its next target price is around $2.75.

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