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Crypto analyst Michael van de Poppe suggests that the prolonged accumulation phase NEAR has faced could lead to a breakout once it clears key resistance.
NEAR Protocol (NEAR) still faces challenges at a critical resistance zone after a year-long accumulation phase. Crypto analyst Michael van de Poppe cited this pattern in a post on X, noting that the market structure has been the standard despite another rejection at the resistance level.
NEAR Struggles at Key Resistance After Extended Consolidation
Data from Van De Poppe’s weekly chart shows notable volatility over the past three years. Notably, early 2023 trading remained relatively flat, ranging from $1 to $2, with low volume and an RSI under 50. An 886% rally began in Q4 2023, pushing the price above $9 by March 2024, accompanied by high volume and overbought RSI levels.
Currently, NEAR’s RSI is just below 60, indicating modest momentum. A successful breakout above the resistance level could target $5.30, a level that van de Poppe had earlier highlighted. Additionally, NEAR’s support level is forming around $1.60 to $2.00.
However, Van de Poppe advised traders to take advantage of price dips while remaining patient for a confirmed breakout, which he believes could propel NEAR toward the $10 mark, representing a 275% surge. Interestingly, he earlier identified a possible 113% surge to $5 as the first target.
For context, NEAR trades at $2.67, representing a 6.9% decline over the past day, which reduces its weekly gain to 41%. At this price, NEAR changes hands 87.05% below its all-time high of $20.44, reached in January 2022.
Breakout Could Target $10 if Resistance Clears.
Van de Poppe’s projection of a possible move to $10 aligns with historical price patterns visible on the weekly chart. A breakout above $3.6 could open a path toward previous highs in the $5–$6 range, and eventually to $10 if momentum continues. However, if NEAR fails to overcome resistance, it could remain range-bound or retest lower support levels near $2.0.
Earlier, analyst CryptoBullet highlighted that NEAR has made a strong comeback, fully recovering from the sharp crash it experienced on October 10, when its price plunged below $1.80. The recent surge in the weekly price pushed NEAR back to $2.80 before retesting the current level.
With this rebound, NEAR’s pattern now shows a solid bullish structure, suggesting the altcoin could be gearing up for a potential rally toward the $4.50 region in the coming weeks, similar to van de Poppe’s first target.
Similarly, trader Anya’s chart shows NEAR consolidating between $1.60 and $3.00 in an accumulation zone. A breakout above the descending resistance could push NEAR toward $9.60, reinforcing van de Poppe’s view that the altcoin is poised to reach $10.