Cryptocurrency tokens NEAR Protocol (NEAR), Ondo Finance (ONDO) and Hyperliquid (HYPE) led gains among the top crypto names on May 24 as investors bought the dip. Data shows NEAR rose about 13% on the session, while ONDO and HYPE traded higher by more than 10%, underscoring renewed risk appetite in AI- and privacy-focused projects.
NEAR has been one of the year’s standout performers, up more than 172% from its lowest point this year. The rally mirrors a broader surge in AI-themed tokens, with peers such as Akash Network and Venice AI also buoyed by renewed interest in AI-related use cases and privacy features.
On the Near platform, developers have rolled out confidential payments, enabling users to transfer crypto tokens in a privacy-preserving way that only the sender and recipient can see. In addition, Near.ai has introduced notable AI models, strengthening Near’s positioning at the intersection of artificial intelligence and privacy—two of the fastest-growing themes in crypto today.
Key takeaways
- Price move: NEAR up about 13%; ONDO and HYPE each up over 10% on May 24.
- Catalysts: Near’s confidential payments and AI-model launches; ETF-related demand and liquidity for Hyperliquid; growing real‑world-asset activity on Ondo Finance.
- Implications: The rally reinforces a bifurcated market where AI- and privacy-focused tokens attract inflows, while liquidity and participation in crypto derivatives-linked products remain dynamic.
What drove the move
Near Protocol’s resurgence is tied to product developments that blend privacy with AI capabilities. The platform’s confidential payments feature, launched on Near.com, supports private transfers that are visible only to the parties involved. This privacy angle sits alongside new AI models on Near.ai, reinforcing the token’s appeal to traders betting on AI-enabled crypto infrastructure.
Hyperliquid’s advance has been driven by a confluence of macro and crypto-specific catalysts. In the crypto space, exchange-traded products linked to Hyperliquid—21Shares’ THYP and Bitwise’s BHYP—have posted inflows totaling more than $74 million combined. The uptake among American investors points to a structural demand for crypto exposure via structured products, supporting the token’s price strength.
Investor interest in HYPE has been accompanied by a surge in trading volume and open interest as participants engaged in crude oil and gold futures trading over the weekend. The narrative around the Strait of Hormuz—centered on a Trump-era development—spurred elevated activity in risk assets, with Hyperliquid’s liquidity metrics reflecting broader appetite for leveraged and structured crypto bets. Data shows Hyperliquid’s volume reached about $6.2 billion over the last 24 hours, a level that outpaced several peers in the space.
Ondo Finance has benefited from a pivot toward real-world assets (RWA) and tokenized financial products. The ONDO token climbed from a March low near $0.209, reaching around $0.48, as demand for USDY and OUSG—two Ondo-issued tokens—remained robust. Ondo Global Markets, the tokenized asset platform, has continued to attract traders, with total value locked (TVL) rising above $1 billion. Technically, ONDO has formed a cup-and-handle pattern and appears to be trading in the handle phase, a classic setup that traders watch for potential continuation higher in the days and weeks ahead.
Market reaction
The price moves came amid a broader risk-on backdrop in the crypto space, with liquidity and momentum favoring AI- and privacy-oriented tokens. NEAR’s breakout aligns with the ongoing narrative that platform-level innovations—privacy-preserving payments and AI tooling—can drive sustained demand. Hyperliquid’s surge underscores the growing interest in crypto investment products that provide exposure to digital assets via traditional finance channels, aided by ETF inflows that have drawn attention to HYPE as a play on crypto-market volatility and liquidity.
Analysts note that the near-term trajectory for these tokens is sensitive to macro sentiment, appetite for crypto exposure, and continued product development within their ecosystems. While the technical pattern on ONDO suggests potential upside, traders are watching for confirmation signals as the market digests the combination of AI-readiness, privacy features, and the expanding ecosystem around tokenized assets.
What analysts are saying
Market observers point to two durable themes underpinning the gains: the AI narratives embedded in Near and allied platforms, and the growing use of tokenized assets and privacy tools in Ondo’s ecosystem. While these catalysts offer clear upside potential, participants remain mindful of the volatility that has characterized crypto markets, the sensitivity to regulatory signals, and the risk of pullbacks if inflation, rates or geopolitical headlines shift sentiment.
Bigger picture
The rally in NEAR, ONDO and HYPE occurs within a broader environment where investors are pricing in the intersection of AI development and crypto infrastructure enhancements. AI-focused tokens have gained traction as developers push for more capable, privacy-conscious networks, while exchange-traded exposure to crypto continues to draw inflows from institutional and retail buyers alike. For now, the move reflects a cautious optimism about the ability of these projects to deliver on both user privacy and AI-powered functionality, potentially supporting continued participation in the crypto ecosystem as liquidity improves and new use cases mature.
Closing: what to watch next
Investors will monitor Near’s ongoing platform updates and AI model deployments for signs of sustained acceleration in adoption. Ondo will be watched for further growth in USDY and OUSG demand, plus any shifts in TVL and risk metrics as more traders engage with tokenized assets. For Hyperliquid, the key will be continued ETF inflows and volume dynamics, along with any new developments that bolster its revenue model and token economics.
Upcoming events to watch include ongoing updates from the Near platform and Ondo Global Markets, as well as broader macro data and policy developments that could influence appetite for risk assets and crypto-backed products. As always, investors should consider how these developments fit into a diversified strategy, particularly in a market where AI, privacy and tokenized assets are shaping the next leg of crypto’s evolution.
