NEAR Eyes $5.34 Target Amid Bullish Momentum, But Can It Break Resistance?

NEAR Protocol [NEAR] is poised for a potential rally to $5.34 if it can overcome strong resistance at $4.476. Both whales and retail investors show growing bullish sentiment, but the altcoin faces significant selling pressure.

Recent market activity has seen Near Protocol [NEAR] experience significant gains, with the altcoin up by 5.52% daily and 10.19% weekly, trading at $4.46 at press time. This surge has sparked optimism among investors, with many wondering if NEAR could soon break through its resistance level of $4.476 and reach new heights.

NEAR has been trading within a month-long descending channel since May, a pattern often preceding a rally if the asset can bounce off its lower boundary. Recently, NEAR rebounded from its support zone, showing signs of buyer strength as it wicked off the lower support level of $3.076—a clear signal of bullish momentum.

However, the key to NEAR’s potential rise to $5.34 lies in overcoming the significant resistance at $4.476. For this rally to continue, buying pressure must outpace selling pressure at this crucial level. If buyers can dominate, NEAR could break out of the descending channel and ascend to a new high of $5.343. Conversely, failing to breach this resistance may result in NEAR trading within the descending channel for several more weeks.

Data from Coinglass revealed a notable increase in buying activity starting on August 21, leading to the liquidation of $182.65k worth of short positions in the past 24 hours. This surge in long positions and positive funding rates indicates strong buyer confidence and the potential for further upward momentum.

Additionally, DeFiLlama data shows a rise in NEAR’s Total Value Locked (TVL), now at $213 million, signaling increased investment in the protocol’s ecosystem. This rise in TVL typically predicts continued price growth, reflecting sustained investor interest and market strength.

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