NEAR Targets $8.5, but Will THIS Level Stand in the Way?

• $NEAR surges 41.23% in the past week, targeting $8.5 with key resistance at $6.406.
• Bullish indicators, including Parabolic SAR and BBP, suggest continued upward momentum for $NEAR.
• Rising development activity and favorable market conditions support $NEAR’s potential for further gains.

Over the past week, Near Protocol surged by 41.23%. At press time, $NEAR has climbed 12.78% in the last 24 hours. This momentum signals a possible continued rise. However, a key price level stands between $NEAR and its next big move. The question is whether $NEAR can break through this barrier and target $8.5, or if the rally will stall here.

$NEAR’s Path to $8.5: A Crucial Resistance Ahead

$NEAR recently broke a descending trendline, triggering the latest surge. This breakout, combined with a push past the $5.548 resistance, has paved the way for further gains. But now, a new challenge lies ahead: the $6.406 resistance level. This could slow $NEAR’s progress, as strong selling pressure likely exists at this point.

If $NEAR can maintain bullish momentum, breaking this resistance could open the door to a 33% rise. This would bring the token close to $8.520. However, if $NEAR fails to break through, a consolidation phase could begin. In that case, the price may move within a range between $6.406 and $5.548 for a while.

Technical Indicators Point to Continued Growth

Technical indicators support $NEAR’s upward trend. The Parabolic SAR is bullish, showing that momentum is building. Dots below the price confirm the upward direction. Meanwhile, the Bull/Bear Power (BBP) shows that buyers are dominating. The chart’s green bars indicate strong bullish strength, suggesting that $NEAR could keep rising.

In addition, development activity around the $NEAR Protocol is increasing. Higher activity often leads to price growth, and $NEAR is seeing positive signs in this area. Market conditions are also favorable. Open Interest has risen 20.58% in the last 24 hours, reaching $398.10 million. The Long-to-Short ratio is 1.0358, favoring the bulls and indicating that more traders are betting on $NEAR’s rise.

For now, $NEAR faces a crucial test at $6.406. If $NEAR breaks through this level, a potential move to $8.5 is within reach. With strong indicators and increasing market support, the chances of continued growth are high.