NEAR Protocol continues to consolidate within a symmetrical triangle, which may lead to a significant breakout. Technical indicators show buying momentum building pressure on the market.
Symmetrical Triangle Formation Points to Bullish Setup
NEAR Protocol (#NEAR) has been consolidating within a symmetrical triangle with a narrowing price range. The continued lower highs and higher lows indicate accumulating momentum that might lead to a decisive breakout. Analyst Butterfly (@butterfly_chart) noted: "NEAR is coiling tight within the symmetrical triangle", suggesting that the history indicates declining trading volume as the apex approaches.
Market Performance and Supply Dynamics
As of writing, NEAR is trading at $2.46, reflecting a 2.64% increase over the last 24 hours. Market capitalization stands at $3.07 billion, with a fully diluted value of $3.12 billion. This indicates supply transparency, with 1.24 billion tokens in circulation out of a total of 1.26 billion, translating to over 98% unlocked supply. Despite a decrease in trading volumes by 22.47%, liquidity remains stable.
Key Levels to Watch Moving Forward
The critical support level is at $2.40, where buying activity has resurfaced. Resistance at $2.50 may temporarily halt positive results. Confirmation of the bullish scenario depends on closing above the upper trendline of the symmetrical triangle and increased trading volume.
A potential breakout of NEAR Protocol past resistance levels could pave the way towards the target of $6.50; however, caution is essential until confirmation is received.
