After increasing by more than 35% in early May, NEAR/USDT appears to be preparing for another move. Price action is currently consolidating within a bullish pennant pattern. This is typically a continuation formation, suggesting that another breakout could happen. If the pattern plays out, the upside target could take NEAR price to new local highs. It could potentially extend the current rally by another 70% from recent levels.
As of May 29, Near Protocol is trading around $2.94 on Binance. This comes after a powerful impulse move from approximately $2.52 to $3.37, a 33.50% rally. According to a chart from @WorldOfCharts1, this was followed by a textbook consolidation phase.
NEAR price has since cooled off, forming a converging triangle of higher lows and lower highs. These formations often serve as launchpads for the next leg up. But this can only happen if the bulls can clear resistance with volume and conviction.
A closer look at the chart reveals a key structural shift. From January through April 2025, NEAR was trapped in a descending channel. It formed lower highs and lower lows in a prolonged bearish trend. However, that trend was decisively broken in late April, when the popular altcoin exploded out of the channel’s upper boundary.
The breakout invalidated the downtrend and indicated a shift in market sentiment. Since then, each dip has been met with aggressive buying interest.
NEAR Protocol Could Increase by Over 70%
What is particularly notable about the current setup is the symmetry between the last breakout and what may be coming next. The previous rally added $0.845 to the price of NEAR, a 33.5% gain. If this bullish pennant plays out similarly, the projected breakout target could be around $5.00. This would be an increase of over 70% from the current $2.94 level.
The consolidation currently underway also exhibits healthy market behavior. Rather than giving back gains quickly, NEAR crypto is holding support and compressing within a well-defined range. This tightening price action often precedes large moves. Momentum indicators have cooled off, suggesting room for a renewed surge if bullish volume returns.
That said, the breakout is not guaranteed. A failure to hold current support around $2.80 could open the door for a retest of the $2.50–$2.60 zone. Bears will be watching this level closely, as a breakdown below it would invalidate the bullish pennant and shift sentiment back toward caution.
Bulls Currently Have Upper Hand
Overall, the chart setup strongly favors the bulls. With NEAR price now forming higher lows and showing resilience above prior resistance levels, momentum is building beneath the surface. If price breaks above the upper boundary of the pennant with volume, it could trigger a fresh leg higher. It could potentially be toward $4.80–$5.00, a level that would mark the completion of the projected move.
At the moment, the altcoin market sentiment is improving, and NEAR’s technical posture is pointing toward continuation. Hence, traders will be watching closely. A breakout here could be the start of another powerful run.
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