NEAR Protocol’s NEAR token jumped 60% over the past week, with price action on May 23 pushing the token above the $2.10 mark as it continues to outperform peers.
According to technical analysis on X by user moretradingonl, the current chart structure for NEAR remains strong and allows for additional upside, though the risk of a corrective pullback stays in play. The analysis uses Elliott Wave theory to map the token's potential path. "NEAR continues to push higher and remains one of the stronger performing altcoins in the short term," the analyst said.
The rally has pushed NEAR against key Fibonacci resistance levels. Data from the 4-hour Binance chart shows the token has already tagged the 123.6% Fibonacci extension near $2.30. The next targets are stacked at the 138% extension near $2.50 and the 161.8% extension around $2.86. In contrast, other altcoins like SUI have struggled, testing support near $1.04 despite positive network news, according to a recent report.
For NEAR bulls, the rally's continuation depends on holding key support. The entire bullish structure is contingent on price staying above the $1.57 mark. A corrective dip, or "wave 4" in Elliott Wave terms, could see prices test the support zone between $1.82 and $1.99, which would be considered a normal pullback. A drop below $1.57, however, would invalidate the current upward count and the targets at $2.50 and $2.86. The rally comes as AI-related tokens show renewed strength, potentially providing a tailwind for protocols like NEAR that have a strong AI focus.
This article is for informational purposes only and does not constitute investment advice.
