• A surge in development activities signals NEAR’s potential to break through existing resistance levels.
• Trading activities in the NEAR market have also played a significant role in fueling its expected growth.

Over the past week, the market dynamics have favored bullish traders, evidenced by a 6.53% rise, which mirrors Near Protocol’s [NEAR] daily performance gains.

NEAR faces a significant resistance at $4.662 currently, which has slightly dampened its 24-hour gains. Nonetheless, NEAR remains well-positioned for an upward trajectory.

Surge in development activity backs anticipated NEAR rally

According to Santiment, NEAR has experienced a notable increase in development activities after a period of trending downward. Market trends often mirror movements in development activity.

In this instance, an upward trend in development activities suggests a potential rise in NEAR’s price. Typically, such activity indicates that the NEAR team is addressing issues or implementing new improvements and major advancements in its protocol.

While ongoing development activity suggests a bullish outlook for NEAR, other factors may also influence the asset’s rally.

NEAR faces selling pressure at resistance line

NEAR is currently trading within a bullish triangle pattern, suggesting an imminent upward movement. This pattern is characterized by a diagonal upper line of resistance and a horizontal line of support.

However, at the time of writing, NEAR has broken out of this pattern and encountered another resistance region at $4.662, pushing the price downward.

While this appears to be a retracement move before the price trends higher, it is highly likely that NEAR will regain momentum and target prices at $5.256, $6.489, $7.709, and $8.520.

Should this breakout prove to be a fakeout, NEAR may find the next local support at $4.304. Intense selling pressure could drive the price back to the horizontal support line or even lower to $3.076.

Interest in NEAR remains elevated

According to the Open Interest metric from Coinglass, NEAR is poised for a further price increase, currently trading at $200.76 million, above its September 17 low of $138.25 million.

Realistic or not, here’s NEAR’s market cap in BTC’s terms

This notable surge suggests that buyers are actively accumulating NEAR in anticipation of a continued upward price movement, aiming for even higher trading levels.

This increase in Open Interest has been matched by a corresponding 56.52% surge in NEAR’s trading volume over the past 24 hours.