The popular altcoin has soared by 180% over the past month, and several hours ago it surpassed $5.50 for the first time since the start of 2025. It currently trades around $5.10 (per CoinGecko), up 7% for the day, making it one of the top performers today (September 30).
The most obvious catalyst behind the latest uptick is the launch of the first spot NEAR ETF. Bitwise introduced the product, dubbed NRR, with Coinbase Custody as custodian. The impressive rally has naturally fueled a wave of bullish predictions, with many analysts expecting further upside ahead. Others, though, warned that a major correction might come next.
The Bullish Scenario
X user Nebraskangooner spotted a double-bottom formation on the asset’s chart and claimed that “a strong monthly candle” is in progress. Team LAMBO Charts said NEAR bulls have been waiting for years for the recent rally, speculating that a price discovery mode might be in the cards.
WIZZ and Altcoin Sherpa also weighed in. The former believes that NEAR’s next stop is above $10, while the latter maintained that the token’s performance will mostly depend on BTC.
“Break to the upside, and this was the low. If we break below 83k, though, then NEAR probably goes to $4 or lower. No position now, but currently watching very closely,” the analyst said.
For his part, Crypto Rover highlighted the launch of the first spot NEAR ETF and noted that Bitwise (the company behind the investment vehicle) recently raised its base-case price target to $155, while its bull-case target stands at $562.
Michael van de Poppe has also been quite vocal on the asset lately. Earlier this month, he described NEAR as “one of the easiest ones to hold in this bull market,” saying he has been “happily accumulating” at $1.20-$1.50.
‘Generational Short Opportunity’
Of course, not everyone is in the bulls’ corner. X user Gordon noted NEAR’s triple-digit increase over the past month, alerting that such major pumps have historically been followed by violent corrections. The analyst went further, saying that NEAR currently presents a “generational short opportunity.”
The token’s Relative Strength Index (RSI) backs the bearish theory. The ratio has surged past 70, suggesting NEAR’s price has risen too much in a short period, entered overbought territory, and may be setting up a pullback. The index runs from 0 to 100, where anything below 30 is considered bullish.
Source: CryptoPotato
