NEAR Protocol's Double Bottom Pattern Targets $8 by July 29 2025 as Bullish Momentum Builds

NEAR Protocol has demonstrated a confirmed double bottom pattern, a technical indicator signaling a potential bullish reversal with a price target of $8 by July 29, 2025. The price found strong support near $1.78, rebounding twice to form a classic "U"-shaped base, which validates the shift from bearish to bullish momentum. NEAR’s current trading price above $2.93 reinforces this structure, with key technical and fundamental factors aligning to support the projected upward trajectory [1].

The double bottom pattern, a subset of the broader cup and handle formation, indicates that selling pressure has been absorbed by buyers at critical support levels. After consolidating within this pattern, NEAR’s price has stabilized above $2.93, suggesting sustained investor confidence. A breakout above the neckline resistance could trigger a rally toward $8, a level historically associated with prior resistance zones. Momentum indicators like the Relative Strength Index (RSI) further support the bullish outlook, showing increasing buying pressure as the asset maintains its position above $2.93 [1].

Analysts have highlighted NEAR’s strong fundamentals as a complement to its technical setup. Over 583 million NEAR tokens are currently staked, generating a 9.5% annual percentage yield (APY) for participants. This high staking participation reflects robust network security and holder confidence, reducing circulating supply and stabilizing price dynamics. Additionally, more than 300 active validators contribute to the chain’s decentralization and operational integrity, enhancing long-term viability [2].

The combination of technical and fundamental strength positions NEAR as a compelling asset for potential growth. YieldOracle.eth recently noted that the double bottom formation signals the end of a consolidation phase and a strong reversal to the upside, with $8 identified as the next key target. If buyers maintain momentum above $3.20, the path to this target becomes increasingly viable. However, external factors such as macroeconomic shifts or broader market downturns could disrupt this trajectory [1].

Historical precedents in cryptocurrency markets underscore the reliability of the double bottom pattern. Similar formations in assets like Bitcoin during 2019 and Ethereum in 2021 preceded sustained upward trends, emphasizing the importance of aligning technical signals with favorable macroeconomic conditions. For NEAR, recent upgrades to its Layer 2 infrastructure and partnerships with decentralized application developers further strengthen its appeal to investors [1].

While the $8 target represents a calculated estimate based on historical pattern performance, it is not a guaranteed outcome. Traders are advised to monitor key resistance levels and volume dynamics as the July 2025 date approaches. A failure to break above the handle or a decline below the consolidation base would invalidate the bullish case, necessitating a reassessment of the market structure.

Sources:

[1] "NEAR Shows Potential Bullish Momentum After Double Bottom, $8 Target Possible July 29, 2025," Coinotag, https://en.coinotag.com/near-shows-potential-bullish-momentum-after-double-bottom-8-target-possible/

[2] "NEAR Protocol’s Double Bottom Signals Strong Bullish Reversal," Coinotag, https://en.coinotag.com/near-shows-potential-bullish-momentum-after-double-bottom-8-target-possible/