NEAR Protocol Posts Record September Gain Amid Key Support Test
NEAR Protocol ($NEAR) experienced its strongest monthly performance ever in September, surging from $1.92 to a closing price of $5.57. This rally pushed the cryptocurrency above key resistance levels, marking a significant breakout from its previous trading range of $1, $2.
The September surge brought $NEAR into a multi-year resistance zone, testing whether buyers could sustain the momentum. A pullback to around $4.65 in October became a critical point, as holding this level would confirm the breakout's validity and prevent a short-term rebound.
Institutional demand is now playing a pivotal role in supporting $NEAR’s recovery. The Bitwise NRR ETF saw substantial inflows, totaling approximately $57.7 million in its first three days. Each ETF creation requires the purchase of $NEAR, creating immediate spot demand and potentially extending the durability of September’s breakout.
Looking ahead, $NEAR faces a key test. If the price holds between $4.50 and $4.69, it could target $8.30 to $10.00. However, a fall below $4.50 might weaken the bullish narrative. A successful breakout above $6.40 would strengthen the bullish case and increase the upside potential.