NEAR Protocol (NEAR) Poised for Breakout? Key Level Could Trigger Next Big Rally

Analyst Michaël van de Poppe is closely watching NEAR Protocol ($NEAR) as it approaches a crucial moment that could decide the next move for the token.

According to the crypto strategist, NEAR is testing a key horizontal zone which, if broken, could trigger the next leg higher for NEAR.

Here’s how van de Poppe breaks down the chart and what traders should be aware of:

“Interesting to see how NEAR is now testing the crucial zone.

Zone that acted as resistance multiple times and zone that launched the bull cycles.

Now, a reclaim here (daily/weekly) would be interesting to see, as it can create the next leg.”

The zone in question, highlighted in green on the chart above, spans roughly from $3.20 to $3.85.

As highlighted by van de Poppe, this region has seen plenty of action in the past, acting as both support and resistance for NEAR.

After a significant drop from over $4.00 to lows of nearly $2.70, NEAR is now testing this area from below. A break below this zone could have implications for the broader market.

With the token testing the zone from below following a strong bounce from sub-$3.00 levels, the chart suggests a potential scenario:

“They dump it, lose the zone, and continue lower.

Or they manage to hold it, setting the stage for the next move.”

Volume and RSI support the case for NEAR

Looking at the volume profile beneath the price action, it’s clear that there’s been increasing interest in NEAR as it pushes toward resistance. This suggests strong market participation, a key ingredient for any breakout to gain serious momentum.

Meanwhile, the Relative Strength Index (RSI) on the chart is climbing but still has room to run before reaching overbought levels. This suggests that there’s plenty of steam left in the current upward move.

After a period of consolidation in 2023, NEAR is now poised for a breakout from a key zone that could decide the next move for the token.