NEAR Protocol eyes potential 45% rally amid strong momentum
NEAR Protocol (CRYPTO:NEAR) has experienced a strong bullish run over the past two weeks, with its price surging by more than 50%.
Despite facing key resistance at $5.74, the cryptocurrency remains poised for further gains, with technical indicators suggesting a possible 45% rally in the coming month.
Investor sentiment around NEAR Protocol has remained positive, despite recent price drawdowns.
According to market data, funding rates have stayed positive, indicating that traders are still optimistic about the altcoin's potential for further growth.
This optimism reflects long positions being more dominant, signaling continued bullish momentum for NEAR in the near term.
A key technical indicator supporting NEAR’s potential for growth is the Chaikin Money Flow (CMF), which tracks the inflow and outflow of capital.
Since August, the CMF has been trending upwards, reflecting strong buying pressure on the asset.
With the CMF above the neutral line, the market is showing strong capital inflows, further supporting the case for continued upward movement.
At present, NEAR is trading at $5.31 after an unsuccessful attempt to break the resistance at $5.74.
This price level has served as both a resistance and support in the past, making it a critical point for NEAR’s price trajectory.
Should NEAR manage to break through this resistance level, it could potentially rally by 45%, reaching a target price of $7.47, as suggested by a double-bottom pattern on its price chart.
However, for this rally to materialize, NEAR would also need to flip $6.37 into a strong support level.
Failure to do so could result in consolidation near $5.13, delaying any further upward movement.
At the time of writing, the NEAR Protocol price was $5.52.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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