NEAR Protocol Nears $20 Breakout as Key Bullish Pattern Forms 

• NEAR is forming a bullish inverse head-and-shoulders setup on the weekly chart.  
• A breakout above $7 could lead to a sharp rally toward $20 with a 282% potential gain.  
• Accumulation of 4.25 billion volume supports a breakout as investor interest rises.  

The cryptocurrency market is buzzing with optimism, and NEAR Protocol appears to be a rising star, poised for a breakout. A detailed weekly chart analysis shared by CryptoBullet, a well-known technical analyst, reveals a bullish reversal pattern on the horizon, hinting at a possible surge toward a new all-time high (ATH).   

If the projections hold true, NEAR could reach a $20.597 in the coming months. Let’s dive into the technical insights that make this prediction compelling.

The Setup: A Classic Inverse Head-and-Shoulders Formation

NEAR’s weekly chart showcases a textbook inverse head-and-shoulders pattern, a well-regarded bullish indicator. This pattern spans a period of 308 days (approximately 44 weekly bars), during which NEAR traded within a reaccumulation phase. The volume profile for this consolidation zone stands at 4.25 billion, indicating accumulation by investors. 

The neckline of the pattern, which serves as the critical resistance level, is clearly defined at approximately $7.00. NEAR is currently trading at $5.386, following an 8.13% weekly gain. With the token inching closer to the neckline, the chart suggests that a successful breakout could trigger a steep rally, pushing NEAR to its initial target of $20.597—a 282% upside from current levels.

Reaccumulation Phase: The Calm Before the Storm

NEAR’s consolidation over the past 300 days reflects a prolonged reaccumulation phase, where buyers have consistently defended lower support levels. This phase is crucial for shaking out weaker hands and allowing long-term investors to establish stronger positions. The analyst’s observation of steady volume accumulation further reinforces the bullish case.

The reaccumulation zone serves as a launchpad for NEAR’s next big move. The psychological shift from bearish to bullish sentiment is already evident, with NEAR forming higher lows over the past few weeks, strengthening the inverse head-and-shoulders setup.

Target 1: Why $20.597 Matters

CryptoBullet’s prediction of $20.597 as the first target is no random figure. This target aligns perfectly with the measured move technique often used in technical analysis. By measuring the depth of the inverse head-and-shoulders pattern and projecting it upward from the neckline, the target matches the expected breakout momentum.

Should NEAR reach $20.597, it would mark a new ATH, surpassing its previous peak seen during the 2022 bull market. This would not only signify a major milestone for the token but also validate the effectiveness of the pattern.

Market Sentiment: Optimism Fuels Momentum

CryptoBullet’s analysis has garnered significant traction, with over 52,000 views and hundreds of interactions on social media. When asked if similar setups exist in other assets, CryptoBullet hinted at AVAX presenting a comparable structure, suggesting broader bullish sentiment across the market. This reinforces the idea that NEAR’s breakout could coincide with a sector-wide rally.

While the technicals are undeniably bullish, investors should remain cautious. A failure to break above the $7.00 neckline could invalidate the pattern and lead to a retracement. Additionally, macroeconomic factors and broader market conditions could influence NEAR’s trajectory.