NEAR Protocol Price Prediction September 12: NEAR Poised for a Rally? Key Support Levels Signal $15 Target

NEAR Protocol’s price has been showing positive momentum, and according to cryptocurrency analyst Michaël van de Poppe, the token could see a substantial increase in the coming months. Van de Poppe forecasts that NEAR could potentially rise over 275%, targeting a price of $15 if key support levels hold. 

NEAR is projected to find support between $2.75 and $3.40, and its outlook is bullish over the next six months.

The markets are shaping up for a reversal.$NEAR has retested a crucial area for support and seems likely to hold from here.

As long as $2.75-3.40 holds, I assume we'll see $15 in the next 3-6 months. pic.twitter.com/H4JdKtCVky

— Michaël van de Poppe (@CryptoMichNL) September 10, 2024

Van de Poppe’s insights suggest that these levels will be crucial for NEAR to maintain upward momentum. Thus, they offer a roadmap for investors navigating the volatility of the cryptocurrency market.

Current Market Activity and Social Sentiment

NEAR Protocol has shown strong growth recently, with its price increasing by 7.33% in the last 24 hours and 10.46% over the past seven days. At press time, it was trading at $4.19, with a market cap of $4.64 billion and a 24-hour trading volume of $249.2 million. This positive price movement has also impacted the token’s social metrics.

According to market data, NEAR’s Weighted Sentiment has moved into the positive zone, suggesting that bullish sentiment dominates the market. The token’s Social Volume has also remained stable, indicating steady popularity and engagement with the cryptocurrency. 

Source: Santiment

However, while social metrics reflect optimism, on-chain data offers a mixed picture regarding the token’s future movement.

On-Chain Data and Open Interest

On-chain data shows an increase in NEAR’s trading volume, which aligns with the recent price rise. More importantly, the token’s Open Interest has also grown, suggesting that the current bullish trend could continue. Open Interest reflects the number of active futures and options contracts and can indicate growing confidence among traders.

Source: Santiment

Whenever Open Interest rises alongside a price increase, it often signals that the ongoing price trend is likely to continue, which in NEAR’s case, points to a bullish outlook. 

However, according to Coinglass data, the token’s Long/Short Ratio has declined, indicating that more traders are taking short positions, which could imply rising bearish sentiment.

Technical Indicators Suggest Consolidation

From a technical standpoint, NEAR’s Bollinger Bands are tightening, with the price nearing the middle band at $4.93. This suggests reduced volatility and a possible consolidation phase. The current support level is around $3.30, while resistance stands at $4.93.

The Aroon indicator shows a bullish signal, with the Aroon Up at 57.14% and Aroon Down at 0%, indicating the likelihood of an uptrend continuation. Additionally, the RSI (Relative Strength Index) sits at a neutral 52.13, reflecting balanced momentum without being overbought or oversold.

Source: TradingView

Overall, while some indicators suggest consolidation, the recent surge in Open Interest and positive sentiment around NEAR Protocol point to the possibility of further upward movement, especially if key support levels hold.