- $NEAR forms a textbook double bottom, signaling a clear bullish reversal and strong potential for an extended upside breakout.
- NEAR trades at $2.93, holding momentum above key support near $1.78, reinforcing a bullish market structure and trend reversal.
- Based on current structure and momentum, technicals show a path toward the $8 mark as NEAR builds toward a major breakout.
NEAR Protocol (NEAR) is showing renewed bullish momentum after forming a confirmed double bottom pattern. The price now trades near $2.93, with growing buying pressure and strong fundamentals supporting a breakout. A push toward the $8 target is increasingly likely.
YieldOracle.eth recently tweeted that NEAR has completed a double bottom formation. This pattern often signals a strong bullish reversal. The tweet emphasized that NEAR’s consolidation phase appears over. It also mentioned that $8 could be the next major upside target.
NEAR is trading at $2.93067865 with a 1.66% daily increase. This signals early momentum. The asset is holding above a crucial support level of $1.78684710. This solid foundation gives the bulls enough breathing space to aim higher.
Technical Setup Points to $8 Target
The double bottom, a classic reversal signal, suggests that NEAR has completed its corrective phase. The pattern shows strong price support around the $1.78 zone. From there, price bounced twice, rejecting further downside.
Such a structure implies a powerful bullish turnaround. The breakout confirmation above neckline resistance levels adds fuel. With the price now holding firmly near $3, momentum is beginning to build.
If buyers maintain pressure, a measured move targets the $8 level. This projection aligns with historical resistance levels. The bullish momentum is also confirmed by the upward momentum indicators like RSI.
Strong Fundamentals Back Technicals
Additionally, Altcoin Gems highlighted key staking metrics that support long-term strength. With over 583 million NEAR staked and a 9.5% APY, the network shows serious commitment from holders. Furthermore, 300 validators are actively securing the chain.
NEAR is not only looking bullish on charts but also showcasing solid fundamentals. The ecosystem boasts high staking participation, reflecting strong investor confidence. Yield generation at 9.5% further incentivizes holding rather than dumping.
Also, validator activity remains high. Over 300 validators help secure the chain and enhance network decentralization. This builds additional trust among users and developers.
As a result, NEAR’s bullish setup appears well-supported. With technicals and fundamentals aligned, a climb toward $8 seems more probable than ever.
Investors and traders should keep an eye on NEAR in the coming days. A move above $3.20 is going to spark the next buying wave.
