After several weeks of consolidation, NEAR has once again risen above the $2 level, with the latest price at around $2.26. Foreign media believes that this rebound is not only due to a resurgence in spot buying but also related to the rapid expansion of derivatives trading. As the price has broken through the downward trend line that has persisted for months, the market is now paying attention to whether this recovery will continue further.
24-hour derivatives trading has clearly heated up.
CoinGlass Data shows that the activity in the NEAR futures market has increased significantly in the past 24 hours. Futures trading volume reached 964.57 million US dollars, a growth of 150.65% from before; the number of open contracts increased to 571.79 million US dollars, with an increase of 33.06%.
This set of data usually indicates that new leveraged positions have been established during the upward price movement in the market, and it is not just a short-term rebound driven by short sellers closing their positions. If spot demand continues to increase, price fluctuations may further intensify; however, the increase in leveraged positions also raises the risk of liquidation during subsequent pullbacks.
- 24-hour futures trading volume: $964.57 million
- Open positions: $571.79 million
- Price increase: approximately 18%
Eco-narratives still revolve around cross-chain and AI.
The article mentions that the current fundamental narrative of NEAR still focuses on NEAR Intents, chain abstraction, and AI infrastructure. NEAR Intents attempts to enable users and applications to execute transactions between different blockchains in an intention-driven manner, thereby expanding the use cases of NEAR beyond the native chains.
Foreign media believes that this direction allows NEAR to connect cross-chain liquidity with the narrative related to AI Agent at the same time. If the ecological construction continues to advance, the market may take this expectation into account when assessing the demand for network infrastructure.
$2.30 becomes a short-term observation level
From a daily chart perspective, NEAR has previously stabilized in the range of $1.80 to $1.90, then gradually raised its high and low points, and once again approached the $2 mark. The latest round of gains has pushed the price above the long-term downward trend line, as well as surpassing the psychological barrier of $2.
The article suggests that $2.30 is the most immediate level to observe at present. If the daily chart can effectively hold above this level, the short-term trend may continue to rise towards the $2.50 to $2.70 range; if it strengthens further, $3.20 to $3.40 will become a higher level of resistance.
On the contrary, if the price falls back below $2.10 to $2.20, the strength of this breakout will be weakened. If $2.10 is continuously lost, the market may retest the $1.80 to $1.90 range. Overall, NEAR has entered a stage with more active trading and higher leverage participation. The performance around $2.30 in the coming days will determine whether this rebound will continue to expand or if it will revert to consolidation.
