NEAR consolidates after a strong rebound, traders eye breakout above $3.50
NEAR Protocol (NEAR) is showing signs of hesitation near a crucial resistance area as price action stalls below $3.20, following a multi-week rally from its September lows. The token is now trading around $2.88, down nearly 3% on the day, as buyers attempt to maintain control above the $2.60–$2.80 support band.
The daily chart reveals that NEAR has been moving inside a broad consolidation range since late May, oscillating between the green accumulation zone around $2.50 and the supply zone near $3.50. This pattern follows a prolonged downtrend that ended in mid-April, marked by a descending channel breakout which signaled the start of a gradual recovery.
“NEAR has formed a solid base structure after breaking its long-term bearish channel. The area between $2.60 and $2.80 remains critical for sustaining the current bullish outlook,” said BITX market analyst. “A close above $3.20 could set the stage for a retest of $3.60, where heavy resistance is expected.”
Despite the latest pullback, trading volume remains relatively strong, indicating continued investor interest. Analysts note that NEAR’s price movement has mirrored the broader altcoin market, which has been consolidating after Bitcoin’s rally above $120,000. Ethereum (ETH) and Solana (SOL) have also shown similar cooling phases following rapid appreciation in late September.
According to BITX “Momentum has slowed near resistance, but the structure still favors an eventual breakout if Bitcoin remains stable. The $3.50 area will determine whether NEAR enters a new bullish cycle or continues sideways.”
Technically, the immediate downside support sits near $2.70, while major resistance lies between $3.40 and $3.60. A daily close below support could push prices back toward $2.40, but reclaiming $3.20 would reinforce the medium-term uptrend.
Overall, NEAR Protocol’s current consolidation reflects a healthy pause after months of recovery. Traders are watching closely for a decisive breakout that could confirm the next phase of bullish momentum in the Layer-1 blockchain sector.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.