NEAR is showing renewed bullish momentum with a surge in its price, supported by rising trading activity, in line with the crypto market. Currently NEAR is moving towards key resistance level and a breakout from there could lead the rally to $3.37
At the time of writing, NEAR is trading at $2.95 with a 24-hour trading volume of $320.1 million and a market capitalization of $3.7 billion. The NEAR price over the 24 hours is up by 10.66%, and over the last week it is also up by 9.88%.
Source: CoinMarketCap
Also Read: NEAR Protocol (NEAR) Price Analysis: Bullish Signals Suggest Next Move Toward $5.90
Moreover, the crypto analyst, Lennaert Snyder, highlighted that Near Protocol (NEAR) is once again approaching a critical technical barrier at the $3.00 level, sparking new optimism among traders that it could be poised to breach it.
The $3.00 resistance has been the constant challenge for NEAR for the past few weeks, serving as the psychological and technical barrier. A breakout from here could leave room for further gains, the next significant target falling near $3.37. Such a rebound would not only cement the strength of the ongoing uptrend but also attract more buying interest from sideline observers.
Source: X
On the flipside, the $2.80 area represents good confirmation of short-term opportunities. The level has been a pivot area in the past, serving as support during corrections and a springboard for resumed upswings. Remaining steadfast above it is seen as important for the bulls to stay in control.
Moreover, the $2.62 support line is identified as a critical line in the sand for the daily trend of NEAR. Breaking through this area would signal declining bullish sentiment and could flip sentiment to bearish. As long as NEAR holds above it, the bigger picture remains intact and suggests continuation of the favorable trend.
NEAR derivative data shows persistent bullish sentiment. Open interest jumped by 26.58% to $422.34 million, while trading volume jumped by 106.19% to $668.21 million. It is a sign of more trader activity and higher comfort levels of taking larger positions.
Source: Coinglass
Moreover, the OI-weighted funding rate was at 0.0131%, showing that the market has a minor bullish sentiment as longs continue to dominate shorts. Sentiment appears to be optimistic at the moment, with potentially higher volatility during the next sessions.
Source: Coinglass
Also Read: NEAR Protocol Price Forms Bullish Patterns With Breakout Targets Set as High as $8.20
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