NEAR surged 180% in a month to $5.50 following Bitwise's spot ETF launch, with analyst predictions ranging from $10 to $562 but warnings of overbought conditions.
Macro & Markets ·
NEAR gained 180% over the past month, climbing to $5.50 and marking a 21-month peak, after Bitwise launched the first spot NEAR ETF, called NRR, with Coinbase Custody as custodian. The rally has prompted varied outlooks: some analysts point to chart formations suggesting further upside above $10, while Bitwise itself set a base-case target of $155 and a bull-case target of $562.
However, caution has emerged alongside the bullish sentiment. The token's Relative Strength Index has climbed above 70, entering overbought territory and historically preceding corrections. One analyst flagged the three-digit monthly gain as a warning sign, describing NEAR as a "generational short opportunity" given the pattern of violent pullbacks that typically follow such rapid advances. Performance may also hinge on Bitcoin's direction, with some observers tying NEAR's trajectory to broader market movements.
What remains unclear is whether the ETF launch will sustain buying momentum or whether technical signals foretell a meaningful retracement from current levels.