Near Protocol (NEAR) is displaying a bullish triangle flag pattern, recently finishing with a decisive breakout. After a period of consolidation, the price action of NEAR has broken through the upper boundary of the triangle flag, signaling a strong bullish trend.
Consolidation within the triangle flag forms after a significant upward trend, indicating the presence of a continuation pattern. Breakouts occur with strong momentum, as shown by the green candle piercing the upper trend line of the triangle flag.
This trend indicates that buyers have gained control after a period of hesitation, which typically occurs during the consolidation phase of a triangle flag structure.
Following a successful breakout from the bullish triangle flag, NEAR may continue to rise towards the $10 mark in the coming weeks. If the breakout is successful, larger price targets are expected to rise by 184%, potentially pushing NEAR's price to around $14.5.
Assuming market conditions remain favorable and support sustained bullish sentiment, this setup suggests that NEAR will enter a promising phase.
NEAR Price: Harmonic Relative Strength Index Indicator
Adding the Harmonic Relative Strength Index (HARSI) provides deeper insights into NEAR/USDT's movements within the descending triangle pattern, indicating that the consolidation phase has been broken. Significant support tests occurred in September and October, with NEAR rebounding each time. This pattern typically foreshadows upcoming volatility.
As of the time of writing, NEAR is hovering near the lower boundary of the triangle, suggesting that pressure may soon emerge. The HARSI recently broke the upper limit, indicating that NEAR may be overbought. This situation typically precedes a price correction.
If NEAR holds above the breakout point of the triangle, it may begin a strong upward trend. Conversely, a breakdown could lead to a decline.
NEAR sentiment and thought share
Recently, the sentiment and attention towards Near Protocol have also shown an increase in positive sentiment, reaching historical highs, even surpassing the levels seen in mid-March when NEAR peaked in 2024. The surge in sentiment is accompanied by rising participation, indicating growing community interest and optimism.
Despite soaring market sentiment, the price of NEAR has not yet reached the highs of 2024, suggesting there may be a lag between market sentiment and actual price movements.
If this strong sentiment continues, it suggests that the price of NEAR may soon catch up to these optimistic views, particularly considering the integration of narratives such as NEAR's involvement in AI, chain abstraction, DApps, and scalability solutions.
High levels of sentiment and fundamental development within the NEAR ecosystem allow us to reasonably predict that the price of NEAR may soon rise.
If positive sentiment continues to grow and is supported by development and adoption, NEAR may not only return to the 2024 highs but could potentially exceed the $10 mark in the near future.
The optimistic outlook depends on the continued coordination of technological advancements and community support, driving broader market recognition and investment.
