NEAR Protocol (NEAR) is showing signs of a bullish reversal, having emerged from a long-term downtrend. Technical analysts have identified increased momentum and objective technical analysis supporting an upward movement. Increasing on-chain activity is adding strength to the possibility of an upward movement in the price of NEAR.

At the time of writing, NEAR is trading at $1.72 with a 24-hour trading volume of $382.26 million and a market capitalization of $2.20 billion. Over the last 24 hours, the token has registered a gain of 0.25% due to the renewed buying interest of investors.

NEAR Protocol Breaks Downtrend with Strong Momentum

A well-known crypto analyst, CryptoPulse, pointed out that the breakout from the downtrend channel in the NEAR/USD pair on the daily chart with high volume marks the start of a potential shift in the trend. The re-test of the resistance level after the breakout was successful.

As suggested by CryptoPulse, this pattern makes it possible for NEAR to approach the region between $2.16-$2.64, which indicates a positive trend in the near future.

The technical analysis indicators are also contributing towards a positive outlook. The MACD indicator is already positive, which indicates momentum, while the RSI has also bounced back above 50. This indicates that the prevailing trend in NEAR may stay on target if buying momentum persists.

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NEAR Records Growing Fees Volume

Additionally, data from the on-chain continues to support the potential for the growth of the NEAR Protocol. Crypto analyst Stakecito | Validator, noted that NEAR Protocol has managed to accumulate fees of $22.6 million in the last 365 days. The major contributor was the NEAR Intents functionality.

In addition to this, the protocol has already processed over $9.6 billion in total transaction volume of all time, which is a significant indicator of the growing adoption of the network.

With both technical capabilities and active engagement in its network, it appears that NEAR Protocol is taking its place among some of the prominent projects in the crypto market. Investors and supporters are also keen to see its next moves, particularly as it nears its possible levels in the $2.16 to $2.64 range.

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