NEAR Price Eyes Breakout Above $7-$9 Resistance Zone
NEAR Protocol (NEAR) is showing signs of a potential long-term reversal as buyers defend key support. According to Giannis Andreou's analysis, NEAR has developed a potential W pattern on its weekly chart, which could provide stronger confirmation if it breaks above the $7-$9 resistance zone. If that breakout develops, NEAR could potentially target levels near its 2021 highs around $20 or higher.
The formation remains unconfirmed, with the key technical hurdle positioned between $7 and $9. According to Andreou's setup, reclaiming this zone could provide stronger confirmation of the W pattern.
Derivatives data shows that market participation around NEAR has increased significantly alongside the developing technical setup. NEAR's derivatives trading volume surged 114.43% to $2.47 billion, while open interest climbed 38.79% to $1.04 billion, highlighting substantially stronger trading activity.