- NEAR Protocol price hovers near $2.79, testing a long-term descending resistance line with Fibonacci targets set at $6.40 and $10.75.
- Elliott Wave analysis suggests a corrective a–b–c retracement toward $2.4–$2.6 before continuation, potentially reaching $3.8–$4.0 in the next wave.
- Market activity surged reflecting growing bullish momentum with $419M open interest and ecosystem volume exceeding $4 billion.
NEAR Protocol is testing multi-year resistance around $2.79.Technical indicators and trading volume suggest potential upside, positioning the crypto for a possible breakout toward higher Fibonacci levels.
Technical Overview of NEAR Price Movement
NEAR has formed a long-term descending trendline that has acted as strong resistance since early 2022. Each rejection from this trendline confirms its role in limiting price advances. The current price movement around $2.79 is testing this trendline after bouncing from the $2.00–$2.20 support zone.
Fibonacci retracement levels provide potential upside targets in case of a breakout. The 0.382 retracement near $6.40 is identified as the first major resistance. Further gains could align with the 0.618–0.786 zone, around $10.75, as outlined in recent technical analysis by Alex Clay, who described the trendline as a critical barrier and RSI movement as an indicator of bullish momentum.
The RSI currently sits near the mid-level, suggesting a neutral zone with potential for further price growth.A close above this descending resistance may indicate a reversal of the prolonged bearish trend.
Elliott Wave Analysis Suggests Corrective Pullback
A detailed 4-hour chart analysis shows NEAR completing a potential impulsive move with sub-waves labeled i–v. This pattern indicates that a corrective a–b–c sequence may occur next, possibly retracing into the $2.4–$2.6 zone.
Source V Via X
V, a market analyst, highlighted that the coin already finished the impulse, supported by higher volume. While the move up may appear corrective, the volume increase signals a possible future wave to higher levels, potentially reaching $3.8–$4.0.
Support remains near $1.72, which would invalidate the bullish outlook if breached. Holding above this level could maintain the structure for continued upward movement. This analysis suggests a short-term correction followed by a possible continuation toward higher highs.
Market Performance and Trading Activity
NEAR’s interest jumped 59% to $419 million, while ecosystem trading volume surpassed $4 billion, driven by heightened market activity. Lower inflation trends and AI-related integrations have supported the recent positive momentum. The market’s behavior is mirroring previous patterns, where testing key resistance levels led to rallies.NEAR Protocol is showing signs of consolidation, with technical indicators pointing toward potential upward movement and cautious optimism among traders.
