After bouncing from the $4.34 support level, the NEAR price is once again on the rise, with bulls setting their sights on October’s high of $5.55. The turnaround started on October 8, coinciding with the news of SVRN’s acquisition of FastNEAR. However, while this recovery is promising, it is not yet a breakout, and the upcoming levels will determine the sustainability of this rally.
NEAR Price Rebounds As FastNEAR Deal Draws Attention
NEAR has managed to bounce back after retesting the $4.34 level, edging closer to its October 2026 high of $5.55. This resurgence aligns with SVRN’s announcement of the acquisition of FastNEAR, a platform that manages requests for wallets and applications built on the NEAR Protocol.
According to the announcement, FastNEAR processes billions of requests on a monthly basis. The founders of the service prioritized maintaining low prices to support network growth, and the acquisition is positioned as a means to collaborate more closely with developers.
While this acquisition could serve as a catalyst for the rebound, it’s essential to note that timing alone does not definitively prove causation for the price increase.
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Can NEAR Break $5.55 And Reach $8?
The immediate obstacle is the $5.55 mark. If bullish momentum propels NEAR beyond this October high, the next hurdles to overcome would be at $6.50 and $8.00.
It’s important to recognize that these levels are not guaranteed targets. The continuation of this upward trend hinges on buyers maintaining momentum post-recovery. Should demand wane, NEAR could consolidate below resistance levels, potentially delaying further attempts.
Losing $4.34 Could Put Bulls On Defense
The $4.34 support level remains a critical factor. Should NEAR manage to stay above this level, any consolidation may just be a temporary delay in a potential breakout. However, unforeseen developments or shifts in macroeconomic sentiment could swiftly alter the landscape.
A clear breach below this support level could expose the token to $3.50 or potentially even lower, as per the outlined scenario. This is a risk that bulls cannot afford to overlook.
Currently, the NEAR price has regained momentum after the $4.34 retest, with the acquisition of FastNEAR providing a new talking point. Surpassing the $5.55 mark could pave the way for $6.50 and $8.00, but a failure to maintain support could jeopardize this bullish setup.
