NEAR Protocol Breaks Out From Support, Faces Major Hurdles Near $2.90
NEAR Protocol (NEAR) has posted a strong 7% intraday surge, climbing to around $2.70 as bulls successfully defended the $2.35–$2.40 support zone. The move comes after weeks of consolidation, giving traders fresh hope of a potential breakout toward higher levels.
The four-hour chart highlights that NEAR previously rallied in July, forming a sharp ascending channel that carried the token from $2.30 to over $3.10. However, repeated failures near the $3.10 resistance zone led to a corrective phase, pushing prices back into the green support band.
Now, the rebound from support has brought NEAR to its first major test around $2.70–$2.90, an area marked by previous supply pressure. “If NEAR can close above $2.90 with strong volume, a retest of $3.10 becomes very likely,” BITX market strategist explained.
The next key resistance sits at $3.10–$3.20, where sellers have historically stepped in. A breakout above this region could open the door for an extended rally toward $3.50, last seen in early summer.
On the flip side, if NEAR fails to sustain momentum, immediate support lies at $2.40, followed by stronger demand near $2.20. A breakdown below these levels could invalidate the current bullish structure and send the token back into consolidation.
Trading activity suggests rising interest, with volume expanding alongside the latest move. “The increase in participation confirms that buyers are regaining control, but the market must still absorb heavy resistance ahead,” BITX analyst observed.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.