NEAR Leads Altcoin Rally as Market Sentiment Strengthens
NEAR Protocol (NEAR) surged past the critical $2.19 resistance level, confirming a bullish breakout supported by 61% above-average trading volume. The move reflects growing momentum in the broader crypto market, where Bitcoin’s rise above $109,000 is helping fuel altcoin gains.
NEAR’s 1.97 million trading volume during the breakout period far exceeded its 24-hour average of 1.22 million, signaling a surge in investor interest.
Technical Setup: Ascending Triangle and Cup-and-Handle Formation
For much of July 7, NEAR consolidated in an ascending triangle pattern, with buyers steadily absorbing pressure near $2.16–$2.17. In the final hour of the session, price broke through the $2.19–$2.20 resistance zone, validating the bullish pattern and indicating potential for further upside.
- Support: $2.16–$2.17
- Resistance broken: $2.19–$2.20
- Next target: $2.22, followed by $2.30 if momentum continues
- Breakout confirmation: 13:57–14:04 UTC on July 7, with 143,856 NEAR traded in under two minutes
The cup and handle pattern formed during the breakout session adds further weight to the bullish signal.
Broader Market Context: Bitcoin Rally Lifts Altcoins
NEAR’s breakout comes as Bitcoin eyes its all-time high of $111,970, having just crossed the $109,000 threshold. This bullish macro backdrop is contributing to renewed investor appetite for altcoins, pushing the crypto market cap above $3.36 trillion on a 40% volume surge.
Altcoin sentiment is improving as traders rotate into high-potential Layer 1 tokens like NEAR, supported by rising volume and clearer trend structures.
Momentum Builds Despite Long-Term Downtrend
While the recent move is bullish, NEAR remains significantly below its all-time high of $20.42 set in January 2022. That said, the current Relative Strength Index (RSI) reading of 31.09 suggests oversold conditions, giving room for continued upward movement.
14 green days in the last 30 sessions and a recovering RSI point to building momentum and potential breakout continuation.
NEAR Eyes $2.22 and Beyond
The decisive breakout above $2.19, supported by strong technical patterns and volume confirmation, positions NEAR for a potential move toward $2.22 and higher. As long as support holds above $2.16, the bullish bias remains intact.
Traders are watching for a close above $2.22, which would confirm trend continuation and open the door to new resistance levels in the $2.30–$2.35 range.
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.