OceanPal Invests $120 Million in NEAR Protocol
NEAR Protocol (NEAR) price is steady near $2.24 on Wednesday. Earlier this week, it faced resistance near $2.35 and dropped. OceanPal Inc. announced a $120 million deal on Tuesday to launch SovereignAI. This new subsidiary will build AI infrastructure and promote the NEAR Protocol.
SovereignAI plans to use a crypto treasury strategy. It aims to acquire up to 10% of NEAR’s token supply. The partnership with the Near Foundation shows growing institutional trust in NEAR’s future.
Institutional Confidence in NEAR Protocol
- OceanPal closed a $120 million private investment deal on Tuesday.
- The funds will support SovereignAI in commercializing NEAR’s blockchain platform.
- SovereignAI focuses on AI use cases built on NEAR.
- OceanPal will hold NEAR tokens to gain exposure to the protocol.
- Sal Ternullo, OceanPal’s Co-CEO, called NEAR “the greatest asymmetric upside” in digital assets.
- The partnership aims to promote AI sovereignty using NEAR’s AI tools.
Despite this news, NEAR’s price dropped 4.02% on Tuesday to around $2.24. Still, the move signals strong long-term support from institutions.
NEAR Price Outlook and Resistance Levels
Data from CryptoQuant shows a bullish outlook for NEAR futures. Large whale orders and buying dominance suggest a possible price rally ahead.
NEAR’s price hit resistance near $2.35 on Monday and then fell 6%. This resistance zone includes the 50-day EMA near $2.51 and 50% retracement level at $2.48. Currently, NEAR trades around $2.24.
If NEAR closes above $2.51 daily, it may rise to the September 19 high of $3.34. The daily Relative Strength Index (RSI) is 41, close to neutral, indicating weak bearish pressure. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, supporting upward momentum.
If NEAR continues to fall, daily support is near $1.90.
