NEAR Protocol has been making waves in the altcoin market with its recent price action, unlike other projects that just talk a big game. The breakout of a falling wedge pattern resulted in a 60% increase in NEAR’s price over just a week. This isn’t just wishful thinking; it’s visible on any chart.
The unexpected wedge breakout caught many off guard. NEAR’s price had been stagnant between $1.50 and $2.00 for some time before suddenly surging past the upper trendline. The volume spiked, and suddenly everyone claimed they saw it coming. But the technical analysis had been pointing towards this move all along. Falling wedges tend to resolve upwards most of the time, and this one seems to be heading towards the $3.50 resistance level that everyone is now watching.
Looking ahead, NEAR Protocol has announced a significant development in AI integration. Their private inference demo with Venice AI (VVV) offers a unique approach to data security, ensuring that user prompts remain within a secure enclave without any external snooping. This kind of infrastructure development sets NEAR Protocol apart from other projects that merely pay lip service to AI integration.
Despite the strong momentum in NEAR’s price, caution is advised. The 200 EMA is looming around $2.80-$3.00, and the $3.50 resistance level from November is likely to pose a challenge. While the current rally looks promising, it’s essential to remember that rapid price movements in the crypto market can reverse just as quickly. Traders should consider setting tight stop losses to avoid getting caught holding onto losing positions.
