Near Protocol (CRYPTO:NEAR) is currently trading in a horizontal channel with resistance at $5.66 and support at $5.22 since mid-June, showing balanced buying and selling pressures.

Recent technical indicators, such as a bullish MACD crossover on June 25, suggest a potential breakout above the resistance level.

Despite a minor uptick in accumulation, NEAR faces significant bearish sentiment, evidenced by a negative weighted sentiment of -0.41, indicating cautious market sentiment and potential volatility.

The altcoin's Elder-Ray Index has returned a positive value for the first time since June 7, currently at 0.22, signaling some bullish momentum.

NEAR's price currently hovers around $5.31, positioning it near the upper boundary of its trading range.

However, sustained bearish sentiment could challenge any upward movement, potentially leading to a decline towards the $5.22 support level if market caution persists.