NEAR Protocol has staged a strong rally, surging nearly 285% from its earlier lows before running into a key resistance zone. The token is trading around $5.09 on the latest weekly chart after being rejected near $5.97. The pullback comes as NEAR price approaches a major technical barrier, putting its recent bullish momentum under the microscope.
Meanwhile, continued inflows into Bitwise’s NEAR spot ETF have added another development for traders to watch. With price testing resistance and the broader trend showing signs of a potential shift, can NEAR regain momentum and break above $6, or is the rally approaching a point where a deeper correction becomes more likely?
NEAR Price Analysis: Can Bulls Reclaim the $5.97 Resistance Level?
NEAR is facing a key technical test after its sharp rally pushed the price toward the $5.97 resistance level. The latest weekly candle shows the token trading near $5.09 after dropping 13.66% during the period, highlighting the selling pressure emerging around this zone. The rejection also places the focus on whether buyers can regain control before the correction extends further.
The chart shows open interest reaching above $50 million before falling to nearly $35.81 million, indicating a reduction in leverage following the rally. Besides, the price is testing a descending trendline, alongside horizontal resistance around $5.97. A sustained weekly close above this level, supported by renewed growth in open interest and stronger trading volume. This could strengthen the bullish outlook and open the way toward the $6 range.
NEAR Price Prediction: Key Support and Resistance Levels to Watch
NEAR’s next move will depend on whether buyers can defend nearby support and regain control around the $5.97 resistance level. After the recent pullback, traders are watching several price zones that could determine whether the token resumes its recovery or extends its correction.
Key levels to monitor:
- $5.97 to $6 – Resistance: A sustained weekly close above this range could strengthen the bullish outlook and open the way for a renewed rally.
- $5.05 – Immediate support: Holding this area could help NEAR stabilize and attempt another move toward resistance.
- $4.30 – Support: If selling pressure increases and $5.05 fails, this level becomes the next important downside reference.
Bullish scenario
If NEAR holds above $5.05 and buying pressure returns, the token could attempt to reclaim $5.97. A weekly close above resistance, supported by stronger trading volume and renewed open-interest growth, would provide stronger evidence of bullish continuation. Sustained ETF inflows could further support market sentiment, although they would not guarantee a breakout.
Bearish scenario
If NEAR fails to hold $5.05 and selling pressure persists, the price could move toward $4.30. Continued weakness alongside declining open interest would suggest that derivatives participation is cooling, although the direction of closed positions cannot be determined from open interest alone.
For now, the $5.05 support and $5.97 resistance levels define the immediate range to watch. A confirmed breakout or breakdown will provide a clearer signal about NEAR’s next directional move.
Conclusion: Can NEAR Break Above $6?
NEAR faces a key test at $5.97 as traders weigh cooling open interest against reported Bitwise ETF inflows. A weekly close above resistance could strengthen bullish momentum, while a breakdown below $5.05 may expose support near $4.30. For now, the focus remains on whether buyers can regain control and push NEAR toward the $6 range.
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