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IGNITION
Injective
NEAR Protocol
Pearl
LayerZero
Hyperliquid
- NEAR trades within an ascending triangle, signaling a bullish breakout.
- Analyst targets $5.70, followed by $7 and $8.40 in the long term.
NEAR Protocol’s (NEAR) price has been trading within a sideways range for the past two weeks. The token has consistently struggled to break above the $6 hurdle.
Despite the consolidation phase, crypto analysts suggested this movement formed an ascending triangle pattern. It is a historically bullish setup. This setup could pave the way for a rally toward the projected targets in the short term.
Potential for Massive Gains: Here’s the Analyst Take
In a recent post on X (formerly Twitter), Rose Premium Signals highlighted that they made it at the NEAR price. The token’s technical analysis on a weekly time frame replicated an ascending triangle pattern.
According to the analyst, the NEAR Protocol price has traded within the bullish pattern. Moreover, the 50-day EMA mark was a support and bounced back in the recent sessions.
In case of a bounce above the 20-day EMA, the altcoin could reach the first target of $5.70. Additionally, sustaining above the zone could pave the way for the upside toward $7 and $8.40 in the short term.
At press time, the NEAR price traded at $4.92, noting an intraday decline of over 1.38%. Its market cap dropped to $5.74 Billion, ranked 27th among the top crypto coins.
Blockchain Adoption in 2024: NEAR at the Helm
NEAR Protocol has established itself as one of the busiest blockchains. According to CryptoRank.io, the token was stated to make an average of 2.7 million DAAs in 2024, which is 766% YoY.
With a rising user base and ecosystem, this performance elevates NEAR to the leading blockchain ecosystem.
This is consistent with NEAR’s ongoing efforts to improve scalability. The token’s efforts also involve driving down the cost of transactions and supporting decentralized applications (dApps).
This is because NEAR crypto has focused on developer solutions and inter-chain communication. That has caused rapid growth of the project. The active addresses can see this; it proves EOS’s high level of involvement in the usage of the blockchain system.
Solana sits second with 2.6 million DAAs, a 702% growth YoY. It is credited to its outstanding performance credentials and a vibrant dApp community.
Technical Analysis: What Do NEAR Crypto Charts Say?
On the monthly time frame, the NEAR Protocol traded at the lower trendline of its ascending triangle pattern. That is known as support. From this support level, the asset’s likely upmove would be an upward trend. That could potentially target the $6 mark shortly.
The Relative Strength Index (RSI) line had a reading of 36, which implies a slightly bearish outlook. Moreover, the Open Interest (OI) has dropped over 1.97% to $232.23 Million. This resembled waning investor confidence in holding long contracts.
Moreover, significant exchanges’ Long/Short positions indicated a bearish bias. That’s because more traders have bet on shorts compared to longs.
Over 55% of positions were on shorts. At the same time, 45% were on longs. This reflected that traders are positioning themselves for a further decline.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
