Expert Declares NEAR Downtrend Complete as the Altcoin Prints a Multiyear W on the Weekly Chart

• Expert declares NEAR downtrend complete.
• The altcoin prints a multiyear W on the weekly chart.
• Analysts share bullish targets for NEAR to reclaim soon.

The altcoin community has shown great resilience since the altseason peak phase was missed in the previous bull cycle pump. Most altcoin holders were crushed when the price of Bitcoin went on to set several new ATHs, only to see the market collapse, allowing only a handful of altcoins to set mediocre new ATHs. In the current cycle, altcoins show strength as an expert declares NEAR downtrend complete. 

Expert Declares NEAR Downtrend Complete

According to CoinMarketCap analytics, the price of NEAR is currently trading in the $4.78 price range, showing that the popular altcoin asset is down by over 5% in the last 24 hours and down by almost 9% in the last 7 days. However, over the last 30 days, the price of NEAR is still up by almost 40%. Analysts have been witnessing the price of NEAR trade between $4.7 and $5.2 over the last couple of weeks and hope the sideways movement will end soon, leading to the next leg up. 

https://twitter.com/LanaValentis/status/2111759263257268613

As the post above shows, this expert claims the NEAR downtrend is over and says what is coming next will be exciting. The post goes on to state how NEAR Protocol has escaped a multi-year downtrend and is now holding above the broken descending resistance on the weekly timeframe. NEAR Intents had its best month ever, reaching $5 billion in volume and $2 million in real buyback revenue. 

NEAR Prints a Multiyear W on the Weekly

The token is also now accessible on Solana via Jupiter and Raydium, and serious institutional names are joining the ecosystem. Thus, the analyst expects NEAR to surge to reclaim higher targets in order of $6, $8.6, $12, and finally $21, setting a new ATH for the price of NEAR. Similar posts agree to this, saying that NEAR has clearly escaped this multi-year downtrend. 

https://twitter.com/VuoriTrading/status/2111191449517912159

Adding on, the analyst says that the breakout point will likely be tested, but before NEAR does so, it can hit that $8 level and then dump -60% to around $3 before starting the actual bull surge. The post goes on to set $33 as the minimum bull target and $96 as the maximum bull target for the price of NEAR this bull cycle. 

https://twitter.com/gandreou007/status/2111034427182846316

Many reputed analysts are highlighting the W formation on the weekly NEAR price chart. As the post above says, NEAR’s 2023 and 2026 lows outline a potential macro double bottom, with the 2024 peak forming the neckline around $8 - $9.2. At $5.31, the pattern remains unconfirmed, making reclaiming $6 the first hurdle, followed by a weekly breakout above $9.20 and a successful retest. That would activate an approximate measured target of $16 - $17.4, while reaching $17 would represent roughly 220% upside from $5.31.