AI-focused NEAR token rose by 7.6% on Wednesday following an announcement from fund manager Bitwise on a NEAR staking exchange-traded product (ETP).

NEAR climbed from $2.09 to $2.13 between July 1-2, with a decisive breakout reaching $2.18 on high trading volume. This performance comes on the back of the announcement that could spur institutional interest in NEAR.

Technical analysis