Key Insights:
- Near Protocol price broke out of a falling wedge, signaling a bullish reversal.
- Bitwise filed for a NEAR ETF, boosting Near Protocol price outlook.
- Analysts project Near Protocol price could rally toward $5.5 and $8 targets.
Near Protocol (NEAR) price demonstrated several technical indications that a shift to a bullish trend might be possible.
Two clear patterns, the three drives and a breakout from a falling wedge, emerged on its charts, showing that buyers are gaining the upper hand.
Bitwise Asset Management recently made a filing for a Bitwise NEAR ETF that pointed to increasing institutional interest.
Three Drives Pattern Hints at Higher Near Protocol Price
Crypto analyst Coinvo identified a bullish three drives pattern on Near Protocol’s daily chart. These movements depicted three drops with multiple bounces in between.
The third and last drive was launched recently, owing to which Near Protocol price is on the rise again.
The three-drives pattern affirmed the premise that sellers are getting fatigued while the buyers are gaining momentum.
Consequently, Coinvo’s analysis stated that after the third corrective wave, the price of the NEAR token had a clear change in trend.
In this regard, he pointed out that in the prior three drives, most patterns depicted major rallies, and Near Protocol had a similar pattern as its setup.
Additionally, Coinvo also pointed out an increase in volume during the rebound phase. This detail added further confirmation that a sustained move upward could be underway for Near Protocol price based on classical technical signals.
Falling Wedge Breakout Boosts Near Protocol Price Outlook
Thus, Lucky identified another bullish pattern on the daily chart of Near Protocol. After several months inside a falling wedge formation apparent in the chart, NEAR price broke through the resistance line. This breakout signaled a change of trend in the process.
After the breakout, Near Protocol price was in the accumulation zone within the green area. According to Lucky, this zone was a platform for future returns.
He projected an initial 25% upside from the breakout, targeting $5.5 as the next major resistance level.
Furthermore, Lucky has drawn more ambitious price targets above $8.24 based on the size of the wedge pattern.
It emerged with a higher volume, which always supported the fact that a bullish reversal had taken place. These factors pointed to a bullish trend for Near Protocol price in the upcoming months.
Bitwise NEAR ETF Filing Highlighted Institutional Interest
Meanwhile, Bitwise Asset Management filed the Bitwise NEAR ETF in Delaware on the 24th of April 2025.
This was the first formal attempt to take Near Protocol funding to the United States of America. The registration was confirmed by the Delaware Division of Corporations.
Hunter Horsley, CEO of Bitwise, has also confirmed the report and assured that the firm is determined to offer more investment products in the crypto space.
Apart from NEAR, Bitwise also sought approval for ETFs with Dogecoin, Solana, Aptos, and XRP. This implied a higher level of institutional confidence in altcoin ecosystems.
The filing came after the SEC had already approved Bitcoin and Ethereum ETFs. Therefore, Bitwise’s action strengthened Near Protocol’s standing among investment products.
Even though the regulatory process remained ongoing, the filing itself improved Near Protocol’s visibility in financial markets.
Analyst Supported Near Protocol Price Recovery
More so, World Of Charts noted that Near Protocol price was getting closer to the descending trendline on the 12-hour chart.
It has been containing NEAR’s movements, or in other words, outlining the upper boundary of its trading range since early 2024.
Previous trends suggested that NEAR has been testing this crucial level over the last several weeks.
According to World Of Charts, a breakout above this descending trendline could spark a strong rally.
Their analysis projected a move toward the $6 to $6.50 range within weeks. The past trend in similar descending breakouts indicated that it could surge past these levels.
The consistent push toward the descending trendline, combined with other bullish patterns and institutional news, pointed to a stronger recovery phase for Near Protocol price.
These developments placed NEAR among the most technically promising altcoins during the current market cycle.