The cryptocurrency market is experiencing one of its best Decembers, with the cumulative volume nearing the $70 billion threshold. The total value of cryptocurrencies is flirting with the $1.8 trillion mark, indicating a high-risk appetite as the fear/greed index hits 74. It’s an opportune time for altcoins to start major rallies.
NEAR Coin has broken free from a challenging resistance line that held for 540 days, following an exciting recovery in Bitcoin‘s price since November. This week, the rally accelerated, resulting in a 55% increase in the popular altcoin’s value since the breakout.
The RSI, rising alongside the NEAR Coin price and breaking above 70, confirms the uptrend’s continuation. NEAR Coin has reached its highest price in 440 days, and like Solana (SOL), it was among the “Sam Coins” affected by the FTX collapse, suffering massive losses. However, much has changed over the past year.
Sam Bankman-Fried faces a potential sentence of over 100 years, and FTX creditors are expected to be repaid soon. The market impact of the FTX collapse has dissipated over the year, signaling a resurrection for Alameda-backed cryptocurrencies like SOL and NEAR.
NEAR’s price increase is parabolic, with daily and weekly charts showing signals of continued growth. The coin has broken out of a parallel channel since October, triggering the rally.
Analysts are taking note of the upward momentum, with CWTrades looking for long trades along the trend line and keeping followers updated. NEAR has surpassed resistance levels at $2.70 and $3.4, which is a significant improvement considering its struggle to reach $1. AltCryptoGems suggests a corrective movement might start as price targets have been met, but if NEAR Coin price can sustain above $3.4, an accelerated rally towards $5 is possible. Conversely, closing below the resistance area could lead to a drop to $2.7.