NEAR Protocol's Technical Setup: A Multi-Year Pattern Worth Watching

NEAR has been painting an intriguing descending wedge formation since hitting its all-time high back in 2021. Right now, with the token hovering around $1.78, it's resting on the 0.786 Fibonacci retracement level while also being supported by a bullish trendline forming at the base of this wedge structure.

Here's what the technicals are suggesting: if NEAR can clear the $5 mark, the path opens up significantly. The first major resistance sits at $21 (the previous ATH), but if momentum truly kicks in, we're looking at an extended target approaching $48 or beyond. That would represent roughly 2,600% upside from current levels—quite the asymmetric risk/reward setup.

The invalidation point is straightforward: if the weekly candle closes below the trendline support, the bullish narrative gets challenged. Until then though, the structure remains intact and worth monitoring for breakout confirmation. Market structure like this doesn't form often, so it's the kind of setup that requires patience but rewards attention.