NEAR Approaches $5 as Open Interest and Trading Activity Rise
Near Protocol’s NEAR token extended its recent rally after breaking above the $4 resistance level, reaching an intraday high near $4.59 before settling around $4.50. The move has strengthened the token’s short-term market structure as traders assess whether momentum can carry NEAR toward the $5 level.
NEAR had traded between $2.40 and $2.60 only days earlier. Since then, buyers have pushed the token through resistance near $3, $4 and $4.40, with elevated trading volume accompanying each stage of the advance.
Data from Santiment shows NEAR gained approximately 81% between September 13 and September 20. Over the same period, dollar-denominated open interest rose 119%, indicating that derivatives activity expanded even faster than the token’s market value.
However, the increase in dollar-based open interest was partly influenced by NEAR’s higher price. Token-denominated open interest increased 21%, still showing that traders added significant exposure as the cryptocurrency moved through successive resistance levels.
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| Source: Tradingview |
Funding rates also climbed to approximately 1.6 times their two-month median, suggesting leveraged traders have become increasingly active in the market.
NEAR Derivatives Activity Puts $5 in Focus
The rise in derivatives positioning has not, according to the Santiment figures cited in the source material, reached levels associated with widespread market exhaustion. Expanding open interest could provide additional momentum if spot buying remains strong and forced liquidations remain limited.
The next significant resistance is around $4.60. A sustained move above that level would bring the psychologically important $5 threshold into clearer focus after NEAR’s rapid advance.
At the same time, technical conditions point to a heightened risk of a pullback. NEAR’s daily relative strength index has moved above 75, placing the token in technically overbought territory. The combination of higher prices, open interest and funding rates could increase the potential for profit-taking if momentum begins to weaken.
Leverage can also magnify downside moves. If NEAR loses momentum and leveraged traders begin closing positions, liquidations could accelerate a decline.
The first important support zone is between $4.20 and $4.30. A deeper correction could bring the $3.80-$4 range back into consideration, although a retreat toward those levels would not necessarily invalidate the broader breakout structure established above $4.
For NEAR to extend its move toward $5, buyers would need to clear the $4.60 resistance area while maintaining the support formed around the recent breakout above $4.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.