- An increase in developmental initiatives indicates NEAR’s capacity to overcome current resistance thresholds.
- Activity in the NEAR trading market has also significantly contributed to the anticipated growth.
In the last week, market conditions have favored bullish investors, as shown by a 6.53% increase, which reflects the daily performance gains of Near Protocol [NEAR].
Currently, NEAR is encountering a crucial resistance level at $4.662, which has slightly limited its 24-hour increases. Nevertheless, NEAR appears to be well-positioned for a rise.
Increase in development activities supports projected NEAR upturn
As reported by Santiment, there has been a significant upturn in development activities for NEAR following a prior downward trend. Market trends frequently reflect changes in development activity.
In this case, a rise in development efforts indicates a potential increase in NEAR’s price. Typically, such developments signal that the NEAR team is actively resolving issues or rolling out new enhancements and significant advancements in its protocol.
Source: Santiment
While ongoing development activity indicates a positive outlook for NEAR, other factors may also impact the asset’s potential rally.
NEAR experiences selling pressure at resistance level
Currently, NEAR is trading within a bullish triangle pattern, suggesting a possible upward movement. This pattern is defined by a diagonal upper resistance line and a horizontal support line.
At this moment, NEAR has broken out of this pattern and faced another resistance level at $4.662, which has resulted in a downward price shift.
Although this appears to be a temporary retracement before a potential rise, it is highly probable that NEAR will regain its momentum, targeting price levels of $5.256, $6.489, $7.709, and $8.520.
Source: Trading View
If this breakout turns out to be a false signal, NEAR might find its next local support at $4.304. Significant selling pressure could push the price back to the horizontal support line or even lower to $3.076.
Interest in NEAR remains high
Based on the Open Interest metric from Coinglass, NEAR is positioned for further price increases, currently trading at $200.76 million, exceeding its low of $138.25 million on September 17.
Regardless of feasibility, here’s NEAR’s market cap in terms of BTC
This marked increase implies that buyers are actively accumulating NEAR, expecting a sustained upward price trajectory, with hopes of achieving even higher trading levels.
Source: Coinglass
This rise in Open Interest has coincided with a significant 56.52% increase in NEAR’s trading volume over the last 24 hours.
