Over the past week, NEAR Protocol (NEAR) has experienced a 6.53% rise, reflecting favorable conditions for bullish traders. However, NEAR is currently facing a significant resistance level at $4.662, which has slowed its 24-hour gains. Despite this, NEAR remains well-positioned for an upward price movement.
Development Activity Fuels NEAR’s Price Outlook
Recent data from Santiment shows a surge in NEAR’s development activity, after a prior downward trend. Increased development often signals upcoming protocol improvements, which can lead to price gains. This spike in activity is a positive sign, indicating that the NEAR team may be addressing key issues or rolling out new features.
Historically, increased development activity aligns with bullish price movements. This suggests that NEAR may be preparing for a strong rally, though external factors could still influence its performance.
NEAR’s Resistance Challenge at $4.662
NEAR is currently trading within a bullish triangle pattern, signaling the potential for an upward breakout. This pattern features a diagonal resistance line and a horizontal support line. While NEAR has briefly broken out of this pattern, it now faces resistance at the $4.662 level, which has pushed the price slightly down.
If the resistance at $4.662 is overcome, NEAR could target higher prices, including $5.256, $6.489, $7.709, and $8.520. However, if this breakout proves to be a fakeout, NEAR may find support around $4.304, with a potential dip to $3.076 if selling pressure intensifies.
Strong Interest in NEAR Signals Future Growth
Open Interest data from Coinglass shows that NEAR is currently trading at $200.76 million, a significant increase from its September 17 low of $138.25 million. This surge in Open Interest indicates that buyers are accumulating NEAR in anticipation of future price increases.
This increase in market interest is further supported by a 56.52% spike in NEAR’s 24-hour trading volume, suggesting that traders are preparing for a sustained upward movement.
