Near Protocol (NEAR) is rallying once again after bottoming out at its October 2023 levels. With the prices on the rise and the smart money accumulating, an analyst projected that a potential 5X move could be on the way.
NEAR recovers after hitting values below $1
Renewed bullish momentum appears to have returned to NEAR Protocol since last week. During the last week, NEAR’s price fell to October 2023 levels, dropping below the psychological support level of $1. However, after bottoming out at this level, the accumulation has begun, and the price is now making higher lows, but the bulls still haven’t acquired the strength to push the highs higher.
The token is currently trading inside a descending broadening wedge and is about to make a new lower high. Inside a descending broadening wedge, price action becomes increasingly volatile as both buyers and sellers struggle for control. The pattern starts after a downtrend, where sellers continue pushing the price to new lower lows, while each recovery attempt is capped at lower highs. This creates two diverging trendlines that widen over time, showing that the market is not stabilizing but instead experiencing expanding swings.
Although the overall structure looks bearish because of the downward slope, momentum often begins to shift internally as buyers step in more aggressively at each new low, causing sharper and stronger rebounds. At the same time, sellers still force breakdowns, but they require more effort to continue the move lower, which signals weakening bearish control. This tension builds uncertainty and traps traders on both sides.
Eventually, if buying pressure strengthens enough, the price breaks above the upper trendline, often triggering a sharp bullish move as short sellers exit and new buyers enter, marking a potential reversal or strong continuation upward.
NEAR may surge by 5X
And this thesis aligns with the broader time frame. According to the analyst Third Eye, the token is now sitting deep in the discount zone and has been defending cycle lows, but most traders have already written it off.
However, smart money moves in silence, and the biggest price fluctuations happen when the retailers lose hope. In markets, especially crypto, “smart money” (institutions, large players, and whales) often accumulates positions quietly over time.
They don’t usually buy in a way that creates obvious spikes in price, because large visible buying would push prices up too early and make entry more expensive. Instead, they tend to build positions during periods of low excitement, sideways movement, or even mild fear.
As such, the analyst expects the prices to rise by 5X after the accumulation zone is confirmed and the crowd follows the signals.
Given that the market follows the analyst’s prediction, the immediate resistance level that the token would be challenged is the $3 resistance level. Since this level is quite a significant point, there will be a sell-off, and it could be an obstacle for NEAR prices to rise above.
