NEAR is showing strong bullish momentum after breaking out of a long-term resistance pattern, while technical indicators signal rising buying pressure for the NEAR price. At the same time, NEAR Protocol’s upcoming dynamic resharding upgrade aims to improve scalability and network performance by automatically expanding capacity as demand grows.
At the time of writing, NEAR is trading at $2.23 with a 24-hour trading volume of $1.17 billion and a market capitalization of $2.89 billion. After the 26.55% gain over the last 24 hours, the NEAR price structure points to a strong bullish reversal ahead.
Source: CoinMarketCap
NEAR Price Structure Points to Major Move to $8
According to the crypto analyst Jonathan Carter, the NEAR price is showing a strong weekly breakout after clearing a descending channel resistance on the higher timeframe chart.
This move signals a potential shift from consolidation to bullish expansion, with buyers gaining control. From the entry zone, the NEAR price has already delivered around 130% gains, reflecting sustained momentum and increasing market interest.
Source: Jonathan Carter’s X Post
In case the bullish formation holds well, the NEAR price may find itself in the vicinity of major resistance areas at $2.60, $3.40, $4.30, $5.90, and even $8.00 in the more distant future.
However, it is imperative not to break down below the breakout point on a weekly scale. Currently, the market attempts to understand if this move will become a true trend reversal or not.
Also Read: Chainlink Price Rebounds Near $9.61 as Buy Signal Sparks $10 Recovery Hopes
Technical Indicators Show Strong Bullish Momentum
According to TradingView, the NEAR price shows a strong bullish breakout, surging above 17%, reaching $2.25. A large green candle breaks out of the consolidation period and penetrates the 200-day EMA for the first time in months.
All of this after a healthy base-building phase, where short-term EMAs compress and diverge, indicating a gradual building up of buying pressure.
Source: TradingView
Underneath the NEAR price action, the 14-period RSI is up at 84.61, indicating an overbought scenario.
This confirms the significant buying pressure, although it means that there is a possibility of technical extension. A pullback or a test of the previous resistance at $2.00 would validate the newly formed bullish structure.
NEAR Upgrade Enables Automatic Shard Expansion
The data from NEAR Protocol further highlighted that the network will be getting an important update in terms of dynamic resharding. Dynamic resharding means that new shards will be created by the network as the demand rises.
There will be no need for predefined capacity or manual decisions for scaling since the system will be optimizing itself at all times. This allows NEAR to handle higher activity levels while maintaining consistent performance and low congestion.
Source: NEAR protocol’s X Post
This update represents the ultimate dream of NEAR Protocol, a blockchain that is highly scalable for hosting applications globally.
The ability of shards to grow automatically makes the network function as an elastic cloud that can scale as per the need. It has been made to remove existing limitations and strengthen the position of NEAR in this field.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: NEAR Price Eyes $2.50 Breakout Amid Bullish Momentum and Network Growth
