NEAR Protocol (NEAR) is showing promising signs of a potential bull run, with a significant resistance level in sight. If broken, this could trigger a substantial price increase, with the Relative Strength Index (RSI) indicating broader market support.

Investors have been signaling a price increase for nearly a month, with over $100 million in contracts opened last month. While this rise in open positions doesn't necessarily guarantee a bullish outcome, a positive funding rate suggests that long-term contracts dominate the market, making the increase in open interest a positive sign.

The RSI, a momentum oscillator measuring price movement speed and change, stands above the neutral mark of 50.0, indicating a bullish zone. NEAR's price, currently trading at $7.1, is moving within an ascending triangle formation, a bullish continuation pattern signaling increasing buying pressure.

A breakout above the resistance level could continue the bullish trend, with a target of $9.9 in sight, indicating a potential 31% rise. If the conditions persist, a breakout above $7.7 could push NEAR's price above $8.0. However, a break below the upward trend line could cause the altcoin to fall below $7.0, potentially dragging it down to $6.5 and invalidating the bullish thesis.