- Increased development activity signals NEAR’s potential to break through existing resistance levels.
- Trading activities on the NEAR market also played a significant role in fueling its expected growth.
Over the past week, market momentum has favored bullish traders, as evidenced by a 6.53% surge, reflecting Near Protocol’s (NEAR) daily performance gains.
NEAR is currently facing significant resistance at $4.662, which has slightly pared its 24-hour gains. Nevertheless, NEAR remains well positioned for an upward trajectory.
Increased development activity supports expected NEAR rally
According to SantimentNEAR has seen a notable increase in development activity after a period of downward trend. Market trends often reflect movements in development activity.
In this case, an upward trend in development activity suggests a potential rise in NEAR’s price. Typically, such activity indicates that the NEAR team is addressing issues or implementing new improvements and major advancements in its protocol.
Source: Santiment
While ongoing development activity suggests a bullish outlook for NEAR, other factors may also influence the asset’s upside.
NEAR faces selling pressure at resistance line
NEAR is currently moving within a bullish triangle, suggesting an imminent upward move. This pattern is characterized by an upper diagonal resistance line and a horizontal support line.
However, at the time of writing, NEAR has broken out of this pattern and encountered another resistance area at $4.662, pushing the price lower.
Although this appears to be a retracement move before prices move higher, it is very likely that NEAR will regain momentum and target prices at $5.256, $6.489, $7.709, and $8.520.
Source: Trading View
If this breakout turns out to be a false breakout, NEAR could find the next local support at $4.304. Intense selling pressure could push the price back towards the horizontal support line or even lower at $3.076.
Interest in NEAR remains high
According to the Open Interest measure of Coin glassNEAR is poised for another price increase, currently trading at $200.76 million, above its September 17 low of $138.25 million.
Realistic or not, here is the market capitalization of NEAR in terms of BTC
This notable increase suggests that buyers are actively accumulating NEAR in anticipation of continued upward price movement, targeting even higher trading levels.
Source: Coinglass
This increase in open interest was offset by a corresponding 56.52% increase in NEAR’s trading volume over the past 24 hours.
