NEAR Protocol Fights $5 Resistance as Triple Top Pattern Emerges

NEAR Protocol is facing a critical technical challenge as it repeatedly attempts to break through the $5 resistance level. The token is forming a triple top pattern, a bearish signal that suggests a potential reversal. This pattern occurs when an asset tests the same resistance three times without success, indicating weakening buyer momentum.

The $5.00 to $5.20 zone is a key resistance area, with each breakout attempt met by strong selling pressure. The neckline of the triple top is around $4.20 to $4.30, and a break below this level could trigger a deeper correction, possibly dropping NEAR to $3.50 or even $3.00.

Beyond technical analysis, fundamental factors are also contributing to the resistance. The $5 zone has historically been a major distribution area, where many holders are looking to exit their positions. Additionally, market sentiment for layer-1 altcoins remains selective, with Bitcoin capturing more institutional attention. On-chain data shows no significant increase in active addresses or transaction volume, further weakening the bullish case.

In the short term, two scenarios are possible. The bearish scenario, aligned with the triple top pattern, suggests a move back toward the neckline. If this support breaks, a cascade of stop-losses could amplify the correction. The bullish scenario requires a breakout above $5.20 with strong volume, which would invalidate the pattern and target the next resistance at $6.50.