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NEAR Breaks Out of Descending Channel—Will $2.40 Hold as Support?
By: cryptofrontnews|2025/05/05 00:45:01
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NEAR breaks out of the descending channel with strong volume, signaling the early stage of a potential bullish trend reversal.Retest of $2.40–$2.50 support zone confirms breakout strength, suggesting potential for a rally toward the $5.70 resistance zone.April saw NEAR Intents platform grow to $25M in volume, with record transactions, showing increasing ecosystem adoption.NEAR Protocol has broken above a key resistance on the daily chart, retesting the previous trendline as support with bullish continuation likely.NEAR Breakout Confirms Trend Reversal on Daily ChartClifton Fx reported that NEAR has broken out from a long-running descending channel on the daily timeframe. The pattern had held for months, marked by lower highs and lower lows. This technical structure represented sustained bearish momentum within the broader downtrend.Source: Clifton FxThe recent breakout above the upper boundary of this channel indicates a potential shift in market structure. Accompanied by strong green candles, this move reflects increased buying interest. A successful retest of the breakout zone, currently between $2.40 and $2.50, adds technical confluence to the bullish reversal. Should this support hold, a price move toward $5.70 could be in play—representing a projected 139.67% upside.The breakout zone also aligns with previous price activity before the recent downtrend. If the price slips back into the channel, the bullish structure may be invalidated. Traders are watching this level for confirmation of the new trend direction.Real Usage Growth Pushes NEAR Activity in AprilElsina shared on X that NEAR Protocol’s Intents platform experienced substantial usage growth in April. Monthly volume reached $25 million, over four times January’s levels. Transaction activity also increased, signaling expanding on-chain engagement.https://twitter.com/elsinacrypto/status/1919028534548267193On April 29 alone, NEAR Intents recorded $3.1 million in transaction value across 3,150 transactions. This surge points to rising demand and utility within the ecosystem. With over 123,000 transactions and 22,500 unique users in 2025, the usage data reinforces the recent price structure breakout.This sharp rise in protocol usage supports the bullish market narrative as more users interact with NEAR-based applications. Market watchers may continue to monitor how activity levels correlate with price action.Market Pullback Seen After Breakout as Support Retest DevelopsDespite the bullish breakout, NEAR is trading at $2.35 as of writing, down 4.29% over the last 24 hours. The past seven days reflect a 7.07% decline. This current pullback aligns with a typical support retest following breakout confirmation.Trading volume stands at $109 million, suggesting traders are actively engaging during this key technical phase. Market behavior around the $2.40–$2.50 zone will likely shape short-term sentiment. A strong hold could trigger a further rally, while a breakdown may reintroduce downward pressure.The post NEAR Breaks Out of Descending Channel—Will $2.40 Hold as Support? appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
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