Crypto analyst Michael van de Poppe suggests that the prolonged accumulation phase NEAR has faced could lead to a breakout once it clears key resistance.
NEAR Struggles at Key Resistance After Extended Consolidation
Data from Van De Poppe’s weekly chart shows notable volatility over the past three years. Notably, early 2023 trading remained relatively flat, ranging from $1 to $2, with low volume and an RSI under 50. An 886% rally began in Q4 2023, pushing the price above $9 by March 2024, accompanied by high volume and overbought RSI levels.
Currently, NEAR’s RSI is just below 60, indicating modest momentum. A successful breakout above the resistance level could target $5.30, a level that van de Poppe had earlier highlighted. Additionally, NEAR’s support level is forming around $1.60 to $2.00.
For context, NEAR trades at $2.67, representing a 6.9% decline over the past day, which reduces its weekly gain to 41%. At this price, NEAR changes hands 87.05% below its all-time high of $20.44, reached in January 2022.
Breakout Could Target $10 if Resistance Clears.
Van de Poppe’s projection of a possible move to $10 aligns with historical price patterns visible on the weekly chart. A breakout above $3.6 could open a path toward previous highs in the $5–$6 range, and eventually to $10 if momentum continues. However, if NEAR fails to overcome resistance, it could remain range-bound or retest lower support levels near $2.0.
With this rebound, NEAR’s pattern now shows a solid bullish structure, suggesting the altcoin could be gearing up for a potential rally toward the $4.50 region in the coming weeks, similar to van de Poppe’s first target.
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