NEAR Protocol tests a critical $0.95 support level as analysts monitor a descending channel pattern. Trading at $1.01, the token saw a 24-hour gain of 2.59% amid a 9.47% drop in trading volume to $110 million. Analysts note a congested price action between support and the $1.20-$1.55 resistance zone, with futures data showing increased open interest and a slightly positive funding rate.
NEAR Protocol is trading at $1.01 as of Friday, representing a 2.59% increase over the past 24 hours. Its seven-day gain stands at 2.24% despite a 9.47% decline in trading volume to $110 million according to CoinMarketCap data.
Analyst Jonathan Carter highlighted that NEAR is testing the lower boundary of a descending channel on its three-day chart. “Increased volume at this level could indicate buyers defending support,” he stated.
Potential upside targets identified by analysts include $1.40, $2.00, and up to $5.90. These projections are contingent on a momentum shift and a sustained break above key resistance levels.
Another analyst, Crypto Fow, mentioned the token is in a prolonged downtrend after breaking down from above $3. The $1.20 to $1.55 zone is now seen as a critical resistance area that must be reclaimed for a bullish scenario.
Futures market data from CoinGlass shows a 6.67% rise in open interest to $151.47 million. The OI-weighted funding rate is slightly positive at 0.0053%.
Analysts have not confirmed a reversal, with traders continuing to monitor the key $0.95 support level. A break below $0.90 could extend the downtrend toward the $0.75 and $0.60 liquidity zones.
