NEAR Protocol is extending its bullish moves after surging in the previous session as investors cheered the protocol successfully raising $150 million worth of capital in its latest fundraising round led by Three Arrows Capital. At the time of writing, NEAR/USD is trading at around $18.99, up by nearly 5% in the past 24 hours.

The latest inflow of funds will help the blockchain’s efforts in raising awareness and fostering adoption of blockchain and Web 3.0 technologies the world over. In its previous fundraising efforts, NEAR Protocol had raised $65.9 million from several known investors, including Pantera Capital, Coinbase Ventures, Electric Capital, and more.

The most recently concluded round of the private token sale received investments from more key players in this space, such as Andreessen Horowitz, Dragonfly Capital, Jump Capital, Alameda Research, and more. The private token sale concluded within two weeks, a promising indicator of high levels of interest in the potential of the NEAR Protocol.

The bullish moves in the NEAR token have also been supported by a strong uptick in trading volume within the blockchain lately. The NEAR Protocol has been enjoying a sharp increase in on-chain activity ever since the launch of its EVM Aurora, which lets users pay gas fees in ETH and gives users a seamless transition between the two blockchain ecosystems.

According to General Partner at Dragonfly Capital, Ashwin Ramachandran, “Near has done a great job from a technology standpoint, and we want to help them achieve a level of developer, user, ecosystem adoption which reflects their current level of technology innovation.”

NEAR/USD Technical Analysis

Taking a look at the H4 chart of NEAR/USD, we see a strong bullish bias among moving averages as well as the MACD. Although, the momentum indicator does show some selling interest in the market.

NEAR Protocol’s price is trading well above the pivot point at $14.76 and has crossed the first support at $16.41. It looks like buyers are trying to regain some strength to give the next resistance at $19.31 a try soon, so let’s see if they succeed.