NEAR exploded 25% in the past day to reach about $3.60, its highest level since the start of 2025.
Many analysts have praised its strong performance and expect further short-term gains. At the same time, two important indicators suggest a correction is just as plausible.
‘Phenomenal’ and ‘Fabulous’
The broader cryptocurrency market has flashed green today (September 18), and NEAR is among the top performers. However, the sector’s revival isn’t the sole reason for the asset’s rally.
Several hours ago, NEAR Protocol revealed on X that users can now trade perpetual futures by default. Specifically, they can open a position from the account they already use, and no one can trace their actions. The feature is powered by Hyperliquid.
Michael van de Poppe classified the asset’s price chart following the resurgence as “absolutely phenomenal.” He suggested NEAR is nearing its final point of resistance and said it’s just a matter of time before it reaches $5. Shortly after, he used another superlative to describe what has happened to the token:
“NEAR is such a fabulous chart. Probably we’ll be getting near towards a short-term top on this one, and therefore, buying the dip is the game. Next target remains to be $5 for me.”
Other market observers who recently chipped in include X users CW and Altcoin Sherpa. The former claimed that NEAR has three sell walls up to $4.80, with the first almost broken. The latter said they are waiting for a potential dip to $3.20 to enter but think “this goes decently higher in the future.”
The Bearish Signals
NEAR’s sudden price explosion has pushed its Relative Strength Index (RSI) into overbought territory at 82. This typically indicates the asset may be gearing up for a pullback, while ratios below 30 are often seen as buying opportunities.
Another cause for concern is NEAR’s exchange netflow. Over the past few days, inflows have significantly outpaced outflows, suggesting some investors have shifted from self-custody to centralized platforms, increasing immediate selling pressure.
The post NEAR Hits Highest Price in 20 Months: Why One Analyst Calls the Chart ‘Phenomenal’ appeared first on CryptoPotato.
