NEAR has been in a massive uptrend lately, gaining an additional 25% over the past 24 hours to briefly surpass $4.40. As of this writing, it trades at roughly $4.30 (per CoinGecko), up about 120% on a monthly basis.

Most analysts think the asset is ready to pump even more in the short term, with some anticipating a jump to a new all-time high. On the other hand, two important factors suggest a pullback may also be approaching.

How Much More?

The cryptocurrency market saw another sharp uptick today (September 21), with Bitcoin (BTC) climbing to nearly $2,500 and Ethereum (ETH) clearing $2,700. The green wave is perhaps the main catalyst for NEAR’s price ascent, but not the only one.

Recently, American President Donald Trump vowed to create a so-called “AI Force” and appoint an AI czar. Although details are still unclear, the announcement has boosted cryptocurrencies tied to Artificial Intelligence, with NEAR no exception. Prior to that, NEAR Protocol revealed on X that users trade perpetual futures by default, a feature provided by Hyperliquid.

X user Lucky said that NEAR holders deserve the latest pump since they have been waiting for such green days for a long time. For his part, Michael van de Poppe described the asset’s rise as “fantastic” and stated that he will be “very pleased” if it breaks through here.

“In the short term, I doubt it. I think that liquidity will flow towards other narratives that are going to follow NEAR in its footsteps,” he added.

The analyst expects the price to consolidate at current levels and even head south to $3 if BTC corrects. After that, though, he anticipates a fresh rally in Q4. In a previous post, van de Poppe described the digital asset “as one of the easiest ones to hold in this bull market,” saying he has been “happily accumulating” at $1.20-$1.50.

CryptoBullet was much more bullish, arguing that NEAR’s macro structure resembles “a giant double bottom.” The X user set $8 and $20 as the next targets, claiming the token could even skyrocket to a new historic peak of as high as $40.

The Bearish Factors

Earlier today, NEAR’s Relative Strength Index (RSI) spiked above 91, reaching a record high. Such levels signal that the asset has reached extreme overbought territory and could be gearing up for a move south. Later on, the RSI retraced to the current 74, which is still in the bearish zone.

The token’s recent exchange netflow also suggests that a correction could be on the way. Over the past several days, inflows have surpassed inflows, hinting that some investors have shifted from self-custody to centralized platforms, thereby increasing immediate selling pressure.

Source: CryptoPotato