- NEAR Protocol is currently trading at $2.46, reflecting a 2.83% drop over the past 24 hours.
- Weekly price performance shows a 16.01% decline, with volume also down by 17.34% at $125.8 million.
- Despite short-term dips, analysts anticipate a potential rally toward $6.00 backed by bullish technical indicators.
NEAR Protocol is undergoing a technical retest at a crucial juncture, currently trading at $2.46, down by 2.83% in the last 24 hours. With a 7-day decline of 16.01%, market volume has also dropped to $125.8 million, marking a 17.34% decrease. Despite this bearish trend in the short term, technical analysis indicates a potential reversal pattern emerging on the daily chart.
A top crypto analyst pointed out that NEAR is now testing the top line of a downward price pattern called a descending channel, which usually shows falling prices over time. This area, known as the “retest zone,” used to block price growth (resistance) but is now helping to hold the price up (support).
This kind of movement is often seen as a sign that the price is stabilizing in a healthy way before possibly moving higher. If this support holds, NEAR Protocol could start climbing again, possibly reaching $6.00, which matches what many traders expect in this kind of setup.
Chart shows signs of bullish continuation
A detailed view of the technical chart indicates a breakout above the upper trendline of the descending channel and retest of this level around $4.50. This price movement is characterized by increasing momentum in trading volume, which many analysts consider including those from Blockunity as validating the strength of the breakout. In addition to this, a 50-day moving average that lies below price also supports the possibility of an upward move in price.
As per the professional analysis of FXOpen, such confluences are usually seen when a trend reversal is anticipated with continuation in a bullish manner. The chart demonstrates positive sentiment with a clear upward target toward $6.00, which could apparently come into play over the next few weeks provided that the existing support levels remain intact.
Near protocol short term outlook remains cautious
While the near-term outlook is subdued, longer-term expectations are mixed but slightly more favorable. DigitalCoinPrice predicts that NEAR could recover to $5.39 by the end of the year and even come closer to its all-time high of about $20.42. The research cites these history-resistant levels, market momentum, and growing interest among investors as reasons for this positive outlook.
Meanwhile, Changelly’s 2025 conservative estimate puts NEAR Protocol between $2.60 and $2.81, with an average price set at $3.02, giving a potential ROI of 11.1%. Specifically for June 2025, the price is expected to be in the range of $2.52 and $2.95, which is an expected ROI of 16.6%. Such figures may seem pretty modest but give a stabilizing trend while confirming the protocol’s relevance in the larger blockchain ecosystem.