Date: Tue, May 20, 2025 | 06:10 PM GMT
After a rough start to 2025 — where even Ethereum (ETH) slumped 45% in Q1 — the crypto market has managed a strong recovery. ETH alone has bounced back 58% in the last 30 days, and that bullish energy has spread to major altcoins.
One of the notable performers riding this recovery wave has been Near Protocol (NEAR). The token surged 22% over the past month, though it recently cooled off with a 14% dip in the past week. Still, a key technical pattern forming on the daily chart suggests that NEAR could be gearing up for another leg higher.
Elliott Wave Impulse Pattern Signals More Upside
On the daily chart, NEAR appears to be forming a classic 5-wave Elliott Impulse pattern, which often signals sustained bullish momentum in early-stage uptrends. So far, this pattern has lifted NEAR by around 42% from its initial breakout point.
- Wave 3 peaked around $3.38, a level that triggered a healthy correction.
- The price then retraced to $2.64, forming Wave 4, representing a 21% drop from the Wave 3 high.
- Now, NEAR is starting to bounce back from that dip, trading at around $2.74 and holding firmly above the 100-day moving average — a key support zone.
This fresh uptick suggests that Wave 5 may be beginning, which in Elliott Wave theory typically delivers a strong final move upward.
If the pattern continues to play out, Wave 5 could push NEAR up to $4.13 — roughly a 50% gain from current levels. Interestingly, this price aligns closely with the 1.27 Fibonacci extension from the Wave 2 to Wave 4 range — a zone often seen as a magnet during bullish continuation moves.
What’s Next for NEAR?
The 100-day moving average ($2.64-$2.72) is the short-term support to watch. Holding above this level will be critical for the bullish setup to remain valid. A solid bounce here, combined with renewed buyer interest, could pave the way for Wave 5 to fully materialize.
On the flip side, if NEAR breaks below this support, the 50-day MA near $2.46 would be the next major level to test.
Meanwhile, the only lingering concern is the price movement of Ethereum (ETH), which remains a key driver for sentiment across the altcoin markets. A strong ETH rebound could lift the entire crypto sector — NEAR included.
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