Just refreshed the movers list and saw something—NEAR.
First, let me make it clear what it’s for, otherwise people will ask me again. NEAR is an old established chain, focused on sharding and cheap, easy-to-use transactions. In the past few years, it hasn’t made much of a splash. This time it’s showing up for two reasons. First, the Intents module was siphoned for $3.8 million not long ago; they’ve now recovered it, and the team says the investigation ends here. Second, September’s fee revenue hit a new intra-year high, and they also set the perpetuals on Hyperliquid to a privacy mode along the way—kind of interesting.
But the market isn’t buying it.
Current price is $4.725, down 3.5% in a day, also down more than 3% over the week. It’s basically clinging to the week’s lows. The key volume is gone—only about 40% of its usual level.
If you follow on-chain fundamentals, the news is good—new revenue high, and so on. If you follow the order book, there’s no volume and no story; money is moving out. Right now, neither bulls nor bears are convinced.
My take: I don’t rule out it continuing to grind. If you want to test it, use small money to probe directions—don’t really believe it can take off from here. This spot is half-dead, half-alive; it’s the most uncomfortable place to be in. Let me put the ugly truth up front: when a chain coin gets cut in half, it doesn’t show any mercy. $NEAR
First, let me make it clear what it’s for, otherwise people will ask me again. NEAR is an old established chain, focused on sharding and cheap, easy-to-use transactions. In the past few years, it hasn’t made much of a splash. This time it’s showing up for two reasons. First, the Intents module was siphoned for $3.8 million not long ago; they’ve now recovered it, and the team says the investigation ends here. Second, September’s fee revenue hit a new intra-year high, and they also set the perpetuals on Hyperliquid to a privacy mode along the way—kind of interesting.
But the market isn’t buying it.
Current price is $4.725, down 3.5% in a day, also down more than 3% over the week. It’s basically clinging to the week’s lows. The key volume is gone—only about 40% of its usual level.
If you follow on-chain fundamentals, the news is good—new revenue high, and so on. If you follow the order book, there’s no volume and no story; money is moving out. Right now, neither bulls nor bears are convinced.
My take: I don’t rule out it continuing to grind. If you want to test it, use small money to probe directions—don’t really believe it can take off from here. This spot is half-dead, half-alive; it’s the most uncomfortable place to be in. Let me put the ugly truth up front: when a chain coin gets cut in half, it doesn’t show any mercy. $NEAR
