NEAR Price Breaking Bullish Pennant: Can It Hit $10 ?

Near Protocol ($NEAR) illustrated a bullish pennant pattern that recently resolved with a decisive breakout. Following a period of consolidation, $NEAR price action escaped the upper boundary of the pennant, signifying a strong bullish move.

The consolidation within the pennant formed after a significant uptrend, suggesting a continuation pattern. The breakout occurred with momentum, as indicated by the green candle that pierced the pennant’s upper trend line.

The movement implied that buyers have gained control after a period of indecision, often seen during the consolidation phase within the pennant structure.

The successful breakout from a bullish pennant, $NEAR could likely continue its upward trajectory towards the $10 mark in the coming weeks. The bigger price target projected a 184% increase if the breakout holds, potentially raising $NEAR’s price to around $14.5.

The setup points to a promising phase for $NEAR, assuming market conditions remain favorable and supportive of continued bullish sentiment.

Harmonic Relative Strength Index Indicator

Adding the Harmonic Relative Strength Index (HARSI) to provide insight into $NEAR/$USDT movements within a descending triangle pattern, suggested a consolidation phase that had been broken. Noticeable support tests occurred in September and October, where $NEAR rebounded each time. This pattern typically signaled impending volatility.

At press time, $NEAR was hovering near the triangle’s lower boundary, hinting at potential upcoming pressure. The HARSI, recently peaked above its upper threshold, suggesting that $NEAR might be overbought. The condition often preceded a price pullback.

$NEAR/$USDT with HARSI indicator | Source: Trading View

If $NEAR holds on the breakout above the triangle, a strong uptrend might begin. Conversely, a breakdown could lead to declines.

$NEAR Price Sentiment and Mindshare

The sentiment and mindshare for Near Protocol also showed an increase in positive sentiment recently, reaching an ATH, surpassing even the levels observed in mid-March when $NEAR hit its 2024 peak. The surge in sentiment was coupled with an uptick in engagement, suggesting a growing interest and bullish outlook from the community.

Despite the spike in sentiment, $NEAR’s price has not yet matched its 2024 highs, indicating a potential lag between market sentiment and actual price action.

The strong sentiment, if sustained, suggests that the price of $NEAR could soon catch up to these optimistic views, especially considering the confluence of narratives around $NEAR’s involvement in AI, chain abstraction, DApps, and scalability solutions.

$NEAR Sentiment and Mindshare | Source: Kaito AI

High levels of sentiment and the foundational developments within $NEAR’s ecosystem, make it reasonable to predict that $NEAR’s price could soon rally. If the positive sentiment continues to grow and supported by developments and adoption, $NEAR might not only revisit its 2024 highs but could potentially exceed the $10 mark in the near future.

The bullish scenario hinged on the ongoing alignment of technology advancements and community support, driving broader market recognition and investment.