NEO, the native cryptocurrency powering the blockchain-based platform Neo, has experienced a remarkable surge of 40% overnight, catapulting it to its highest price level in over a year and solidifying its position as one of the top-performing digital assets in today's market.

As of the latest update, NEO is currently trading at $21, boasting a robust 24-hour trading volume exceeding $1 billion. Ranked 74th among the top 100 cryptocurrencies, NEO is on the brink of reaching a market capitalization of $1.50 billion.

Founded as AntShares in 2014 by Da Hongfei and Erik Zhang, the project underwent a rebranding in June 2017 to become NEO. The platform supports two native tokens: NEO and NEO Gas. NEO's blockchain infrastructure is engineered to enable the digitization of identities and assets, leveraging smart contracts to facilitate the tracking and transfer of ownership—a concept often referred to as a "smart economy."

The initial distribution of NEO tokens allocated 50 million coins to project backers, with 15 million reserved for contingencies. Additionally, 20 million tokens are allocated for developer incentives, while 15 million are earmarked for cross-investment in other projects. No further issuance of NEO tokens is planned, although the cryptocurrency is available for trading on various exchanges.

The recent surge in the price of NEO marks a significant bullish breakout in its market performance over the past few days. It surged above the critical resistance level at $19.31, surpassing its previous high swing on March 4th, which also represents its highest point thus far this year.

Analysts foresee further upward momentum for NEO, as it has surpassed key resistance levels, including the $16.92 mark, which was its peak on March 29th. Moreover, NEO's price has climbed above both the 50-day and 25-day Weighted Moving Averages (WMA), indicating a positive trend.

Market analysts speculate that NEO may undergo a retracement to retest the crucial support level at $19.31 before resuming its upward trajectory. However, a breach below this support level could signal a shift in momentum favoring bears, potentially driving the price down to $16.92. Conversely, a breakout above the critical resistance level at $22.40 would suggest further gains in the near future.