The change the market is underestimating is that $NEAR perpetual longs are paying a higher holding cost: the funding rate, normalized to 60 minutes, is +0.0054%. This isn’t a directional signal, but it does show that positioning is crowded on the long side 📈 Price is also starting to confirm the move: the latest closed 1h range was 5.212–5.385, with a close at 5.361, near the top of the range; short-term performance also remains stronger than $NMR and $ETH . The counterargument is simple: if price can’t hold the upper half of the range going forward, that means this cost hasn’t bought price confirmation, and I’ll have to temper my view.