NEAR Jumps 7.59% as Confidential Intents Tops $70M TVL, Unlocking Milestone Airdrop

NEAR rallied 7.59% to $2.51 after Confidential Intents pushed past a key on-chain milestone, surpassing $70 million in total value locked (TVL). The move has put the token back on traders' radar, with the next directional cue likely hinging on demand, volume, and broader market tone. Confidential Intents' TVL reached $70.79 million, up 129.3% over the past 90 days. DeFiLlama data shows overall NEAR Intents TVL at roughly $137.8 million. The $70 million threshold activated the NEAR@3.33 Milestone Incentive Program, which allocates 333,333 locked NEAR@3.33 tokens to eligible users. To qualify, participants must hold more than $100 in balances and complete at least one confidential swap. Larger balances and higher swap activity can result in bigger individual allocations. The rewards come with a conversion condition: NEAR@3.33 tokens remain locked after distribution and convert 1:1 into NEAR only if NEAR's volume-weighted average price stays above $3.33 for three consecutive days. The structure is designed to deter wash trading and short-term speculation, while encouraging continued usage of Confidential Intents. On the chart, NEAR is holding above the $2.44 Fibonacci support level. Maintaining that area keeps the near-term recovery intact and leaves room for a push toward $2.65 resistance. A clean break above $2.65 could bring additional technical buying, though traders are watching for confirmation from volume and market conditions. Losing $2.44 would increase the risk of a pullback toward $2.25. Separately, analyst CryptoBullet pointed to a potential inverse head-and-shoulders formation developing since March 2025, arguing that accumulation below $3 could set the stage for a longer-term breakout, with the pattern potentially completing as late as 2027. Beyond price action, Confidential Intents continues to draw interest tied to privacy-focused DeFi use cases. Potential growth areas cited include private DEX infrastructure, confidential lending markets, and shielded yield vaults, which could appeal to funds, DAOs, and institutions seeking more discreet trading and treasury strategies.