Near Protocol (NEAR) has formed a bullish pennant pattern and recently closed with a decisive breakout. After a period of consolidation, the NEAR price action has broken through the upper boundary of the pennant, indicating a strong bullish trend.
The consolidation within the pennant forms after a significant uptrend, indicating the presence of a continuation pattern. The breakout occurs with strong momentum, as evidenced by the green candle piercing through the upper trendline of the pennant.
This trend indicates that buyers have gained control after a period of hesitation, a situation that often occurs during the consolidation phase of a pennant structure.
Following a successful breakout from the bullish pennant, NEAR could continue to rise towards the $10 mark in the coming weeks. If the breakout is successful, a larger price target is expected to rise by 184%, potentially pushing NEAR's price up 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 the NEAR/USDT trend 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 signals upcoming volatility.
As of the time of writing, NEAR is hovering near the lower boundary of the triangle, suggesting that pressure may be imminent. The HARSI has recently broken above, indicating that NEAR may be overbought. This situation often 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, sentiment and attention towards Near Protocol have shown an increase in positive sentiment, reaching historical highs, even surpassing levels from mid-March when NEAR peaked in 2024. The surge in sentiment accompanies an increase in engagement, indicating a growing community interest and optimistic outlook.
Despite the soaring market sentiment, NEAR's price has yet to reach the 2024 highs, suggesting a potential lag between market sentiment and actual price movements.
If this strong sentiment continues, it suggests that NEAR's price may soon align with these optimistic viewpoints, especially considering NEAR's involvement in narratives such as AI, chain abstraction, DApps, and scalability solutions.
High levels of sentiment and foundational development within the NEAR ecosystem allow us to reasonably predict that NEAR's price may soon rise.
If positive sentiment continues to grow and is supported by development and adoption, NEAR may not only return to its 2024 highs but could potentially exceed the $10 mark in the near future.
The optimistic outlook depends on continued coordination of technological advancements and community support, driving broader market recognition and investment.
