NEAR Price Surges 17% in a Week, Sets Sights on $5

Bullish Patterns and Strong Momentum Fuel NEAR's Rally

Hang on to your hats, crypto fans! NEAR Protocol (NEAR) is on fire, rocketing up 10% in just the last day and a whopping 17% over the past week. Right now, it's trading at $3, bouncing back big time from the $1.80 low it hit around June 25. Talk about a comeback!

That $1.80 low? It slammed the brakes on a brutal downtrend that kicked off in mid-May. But get this—it also formed the second dip of a massive double bottom pattern. The first dip? Early April. And the neckline? Sitting pretty at $3.40, which is the next big resistance NEAR's gotta conquer.

NEAR's price is charging towards that resistance like a bull seeing red, backed by some seriously strong momentum. It's been hanging tough above the 20-day EMA all through July, and those daily candles? They're getting longer, showing that buying pressure is cranking up.

But hold up—before NEAR smashes through that $3.40 neckline, it's gotta clear a little speed bump at $3.20, a previous high from the recent downtrend. If NEAR breaks above $3.40, it's game on! That double bottom pattern will be confirmed, and we could be looking at a target of $5.00, based on the measured move. On the flip side, the key support now is at $2.70, a level that used to be a resistance.

Bullish Developments in the NEAR Ecosystem

And that's not all, folks! NEAR's breakout is happening while the Near Protocol's ecosystem is buzzing with bullish news. The community just opened a validator vote to slash NEAR’s annual token inflation from 5% to 2.5%. It's all about encouraging long-term holding and easing that sell pressure.

If this proposal gets the thumbs up from 66.67% of voters, core developers will roll out the new inflation logic in the next protocol upgrade. We're looking at this change going live by late Q3 2025. Cutting that inflation? It's like putting the brakes on new NEAR token supply, setting the stage for a more deflationary vibe that could keep pushing prices up as demand ramps up.

And there's more good news—Bitwise’s NEAR Staking ETP just hit the shelves on Germany’s Xetra exchange. Now, global investors can get in on the NEAR action with staking benefits, no need to juggle keys or wallets. It's a game-changer!