NEAR Protocol (NEAR) is showing a potential bullish reversal as its daily chart develops an inverse head-and-shoulders pattern. Traders are monitoring the breakout area for confirmation, while technical indicators suggest buyers are defending support. Growing NEAR Intents activity also provides a supportive backdrop for the broader ecosystem and long-term outlook.
NEAR Eyes $5.70 as Bullish Pattern Takes Shape
NEAR Protocol is showing signs of renewed bullish momentum as traders monitor a potential inverse head-and-shoulders formation on the daily timeframe.
According to crypto analyst Jack, NEAR could face an important technical test around the $2.90 level. A confirmed breakout above that area could strengthen the bullish structure and potentially open the way toward higher targets.
The setup comes as NEAR continues to hold above several key moving averages on the shorter timeframe. Although the token has pulled back from its recent high, technical indicators suggest that buyers remain active around important support zones.
Inverse Head-and-Shoulders Pattern Support Reversal
According to analyst Jack, NEAR is developing an inverse head-and-shoulders structure on the daily chart, a formation often monitored for potential trend reversals.
The key neckline sits near $2.90. A sustained daily move above this area could confirm the pattern and strengthen the bullish structure, opening the door for further upside.
Source: Jack’s X Post
Jack has identified a potential target near $5.70 if NEAR successfully breaks and holds above the neckline. He also points to the current structure as an accumulation area.
However, confirmation remains essential, as the setup is still developing. Until NEAR decisively clears $2.90, the breakout remains unconfirmed.
Also Read: NEAR Price Eyes Breakout to $3.08 as Volume and Open Interest Surge
Technical Structure Shows Buyers Defending Support
According to the TradingView chart analysis, the short-term technical picture of NEAR is still positive following the sharp rise that took the price up from about $1.80 in late August to close to $2.75. The current price level of the coin is near $2.4446, as it continues to be above the 20, 50, 100, and 200 EMAs.
Source: TradingView
The latest pullback for NEAR is supported by $2.30, which indicates that buyers are supporting lower levels. The 20-day EMA at $2.39 and the 50-day EMA at $2.36 now provide support to the coin.
However, resistance is seen at $2.60-$2.75. A breakout through this range will see larger resistance at $2.90 come into play.
RSI Indicates Stabilizing Momentum
Momentum indicators have started to stabilize as NEAR is trading at an RSI level of 54.92 on the four-hour chart.
This oscillator value is above the 50 neutral level, which suggests that the bull market momentum is now recovered after the recent pullback. However, it is still below the overbought zone.
If buyers hold their ground at the moving average support level, NEAR may develop some momentum as it comes close to testing the resistance level between $2.60 and $2.75.
A run-up towards this level would help build up the reversal structure. Otherwise, a break below this level may weaken the pattern and put off any test of higher levels.
Derivatives Activity Sends a Mixed Signal
According to CoinGlass data, there is a gap between NEAR’s volume and open interest figures. There was a fall in trading volume by 17.66%, standing at $589.44 million.
Source: Coinglass
On the other hand, open interest rose by 3.44% to stand at $587.39 million. The trend indicates that investors are still creating positions despite falling trade volumes.
The gap here might mean that traders are looking for a breakthrough before ramping up their spot trading. The fact that the breakout is taking place from the resistance levels along with higher volumes might serve as the evidence.
NEAR Intents Surpasses $30 Billion in Volume
In addition to price action, NEAR is also witnessing growth within its ecosystem. The NEAR Protocol disclosed that NEAR Intents has hit an all-time volume of over $30 billion.
With the platform being present on more than 30 chains and having more than 100 assets integrated, the growth of the platform can be observed through various means.
Source: NEAR Protocol’s X Post
The growth of the ecosystem is an essential element behind the technological story. Even though the metrics of adoption cannot ensure any specific price action, the growing transactions and integrations can still be considered relevant aspects of NEAR’s development.
For the time being, traders will probably pay attention to the $2.60-$2.75 resistance zone and even the $2.90 breakout level.
The key is that maintaining support at the close EMA zone will help maintain the existing bullish setup, while a break above could confirm whether the emerging daily pattern gains more steam.
Also Read: NEAR Price Eyes Breakout to $3.40 as TVL Reaches $70M and Bulls Return
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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