NEAR Protocol’s Record Rally Tests Key Support Levels

NEAR Protocol (NEAR) had its strongest month ever in September, surging from $1.92 to $5.57. This marked a 178% gain, pushing the cryptocurrency above key resistance levels that had previously capped recoveries. However, the rally now faces a critical test as the price pulls back toward $4.65. Holding this level will be crucial to confirming the breakout and avoiding another short-term rebound.

The recent decline tests whether buyers can sustain the momentum or if sellers will regain control. Institutional demand, particularly through Bitwise’s NRR ETF, could play a pivotal role. The ETF saw $57.7 million in inflows within its first three days, creating immediate spot demand for NEAR.

Looking ahead, NEAR’s next major hurdle is the $6, $6.40 resistance zone. A successful breakout above this level could target prices as high as $8.30 or even $10.00. However, if the price falls below $4.50, the bullish narrative may weaken, raising doubts about the sustainability of the rally.

For now, NEAR’s ability to hold the $4.50, $4.69 support range will determine whether September’s breakout was the start of a new uptrend or just another temporary recovery.