NEAR Protocol is testing key support, with analysts eyeing a breakout toward $9 soon.
A confirmed bull flag breakout could push NEAR past $6.50, $7.70, and $9.
Failure to hold above $1.90 could trigger more losses, warns Peter Brandt.
NEAR Protocol price recently tested key support levels, sparking discussions about its next move.Analysts highlight a potential breakout scenario, with price targets set at $6.50, $7.70, and possibly $9.However, failure to hold above $1.90 could trigger further downside.Investors are closely watching technical patterns to determine NEAR’s next trajectory.
NEAR Protocol Price Tests Support
NEAR Protocol price is currently trading near the $2 mark, testing a critical support level.The crypto market’s recent volatility has added pressure, but analysts remain optimistic about its potential upside.According to Whales Crypto Trading, NEAR Protocol price has bounced off a key support zone, setting the stage for a possible rally.The descending channel pattern suggests that if momentum shifts, NEAR Protocol price could target $6.50 in the near term.Source: Whales Crypto Trading, X Solberg Invest also identified a bullish flag formation, meaning that a breakout from the resistance level could take NEAR Protocol price to $8.60-$9.20.This mid-term price trend implies that to continue with the upward trend, the $2 support should be sustained.A failure to hold this level might erase the bullish outlook, which will mean that the price will break below $1.90.Source: Solberg Invest, X
Bull Flag Formation Signals Potential Upside
A bullish flag pattern has emerged on the NEAR chart, reinforcing the possibility of an extended rally.Historically, this formation points to potential price hikes, especially when compounded by higher trading volumes.The current NEAR chart resembles other breakouts that have occurred in the past, where prices have consolidated in a flag formation.If NEAR Protocol price breaks through $3, the analysts believe that there will be an increase in demand, and the price may rise to $6.50 or even higher.The Whales Crypto Trading also depicts the descending channel breakout indicator supporting the bullish pressure. This breakout scenario is in line with the general trend in the market, with altcoins preparing to bounce back after corrections.Therefore, technical analysis shows that NEAR Protocol price can be on the verge of breaking out if it continues on the bullish pattern. However, a rejection at resistance might be followed by the formation of a consolidation phase.
NEAR Protocol Price Targets: Where Can It Go Next?
Analysts have set multiple price targets based on recent technical patterns. If NEAR Protocol price surged above $3.00, analysts expect the ascent toward the next barrier of $6.50. Furthermore, the bullish pressure may lead to an elevated price to test $7.30 and shoot towards $9.00-$9.20. Solberg Invest’s analysis concurs with this projection suggesting the $8.60-$9.20 range as a crucial resistance area.This potential rally can also be attributed to the fact that traders are now watching out for the breakout confirmation. Higher volume trading would add more weight to the bullish argument, which will ultimately support the positive outlook. However, these targets can only be realized once a breakout occurs as highlighted by the analysts.However, this bullish outlook is threatened with risk if NEAR Protocol price does not hold key support levels appropriately. Analysts stated that plummeting below $1.90 could spark a selloff, increasing prices further downwards. Failure to recover these levels may take longer time to consolidate and may lead to further backward movement.
