NEAR rose more than 10% over the past 48 hours, breaking through its $3.2-$3.4 supply zone and reaching a local swing high of $3.9. The rally coincided with stronger network activity: Total Value Locked (TVL), the value deposited in a protocol, reached a record $242 million, while network fees climbed to $860,000 over the same period. The token is now trading above all key Exponential Moving Averages, which track price trends. September 19 marked the first day since NEAR had met all criteria for the anticipated milestone airdrop. TVL had crossed $70 million two days earlier, while the previous day's rally lifted NEAR above $3.3. Continued buyer support, alongside further growth in TVL and fees, would preserve the bullish structure and potentially bring higher price levels into focus. Profit-taking could instead lead to consolidation and a retest of nearby support. Long-term on-chain sentiment points to a possible bullish continuation, although a short-term correction remains possible.