NEAR Protocol (NEAR) is poised for a potential surge, with analysts eyeing a critical technical level that could trigger a significant price increase. The altcoin has been attracting investor interest due to several bullish indicators.

NEAR’s Funding Rate Hints at Optimism

The number of open NEAR contracts surpassed $100 million last month, reflecting heightened investor activity. This suggests that long positions (bets on price increases) are dominant, indicating a positive market sentiment.

Analyst Sees Parallels to Memecoin Rally

A renowned analyst, Credible, has drawn comparisons between NEAR’s current price action and the recent rally of the meme coin, Pepe. Credible suggests that dips could be buying opportunities for NEAR, as he has already invested in the altcoin.

While bullish on NEAR, Credible predicts price corrections for high-volume altcoins like Pepe.

NEAR/USD Technical Indicators Flash Bullish Signals

• Ascending Triangle Pattern: NEAR’s price chart currently exhibits an ascending triangle, often a precursor to a breakout.
• Relative Strength Index (RSI) Above 50: The RSI, a momentum indicator, sits above 50, suggesting a strong uptrend.

Breakout Target: $9.9

• Potential 31% Increase: If NEAR breaches the resistance level at $7.7, it could surge towards $9.9, marking a significant price jump.