During the previous week, the market conditions have favored bullish investors, as evidenced by a 6.53% increase in price, reflecting the daily performance of NEAR Protocol [NEAR].
NEAR is currently encountering significant resistance at $4.662, which has slightly hindered its 24-hour gains. Nevertheless, NEAR remains well-positioned for a potential upward trend.
Increased development activity supports the expected rally of NEAR
Recent data from Santiment shows a significant surge in development activities related to NEAR after a period of decline. Typically, market trends are closely correlated with movements in development activity.
The rise in development activities indicates a potential price increase for NEAR. Such activities usually signify that the NEAR team is actively working on addressing issues, implementing enhancements, and making significant upgrades to its protocol.
While the ongoing development activity paints a positive picture for NEAR’s future, there are other factors that could impact the asset’s bullish momentum.
NEAR encounters selling pressure at resistance level
NEAR is currently trading within a bullish triangle pattern, suggesting an imminent upward shift. This pattern is characterized by an upward diagonal resistance line and a horizontal support line.
As of the latest data, NEAR has broken out of this pattern but faced resistance at $4.662, leading to a temporary price dip.
Despite this retracement, it is highly probable that NEAR will regain strength and aim for price targets at $5.256, $6.489, $7.709, and $8.520.
If this breakout turns out to be a false move, NEAR might find support at $4.304. Persistent selling pressure could potentially drive the price down to the horizontal support line or even lower to $3.076.
Continued Interest in NEAR Token
According to Coinglass’s Open Interest metric, NEAR is set for further price appreciation, currently valued at $200.76 million, surpassing its low of $138.25 million on September 17.
This significant surge indicates that buyers are actively accumulating NEAR in anticipation of a sustained upward price trend, aiming for higher trading levels.
This rise in Open Interest is complemented by a substantial 56.52% increase in NEAR’s trading volume over the last 24 hours.