$NEAR Market Analysis
Current price: 5.03 USDT, down approximately 10.4% over 24 hours. The 24-hour high was 5.64 and the low was 4.89 USD, with trading volume of approximately $266 million. After climbing above the $6 mark, NEAR quickly retreated, giving back most of its weekend gains.
1. Deleveraging after excessive leverage: On October 12, open interest in NEAR futures hit a record $1.92 billion, roughly quadrupling in two months. After NEAR surged to $6, a long squeeze was triggered, and open interest fell back to around $1.5 billion. The price briefly dropped to around $5.07.
2. A roughly 16% weekend rally: NEAR Intents recorded a record $4.8 billion in cross-chain swap volume in September, with some fees used to buy back NEAR. This, combined with a governance proposal to reduce annual issuance from 2.5% to 1.6% over two years and the forced liquidation of about $6.5 million in short positions, created a short squeeze.
3. ETF inflows continue: Bitwise’s NEAR spot ETF (NRR, the first NEAR spot ETF in the U.S.), launched on September 29, saw net inflows of about $58.9 million in its first week, followed by another $13 million in the second week.
Deleveraging after open interest hits a record high often unfolds unevenly, and short-term volatility can rise sharply. If the $5 psychological level is decisively broken, the next levels to watch below are $4.89 (today’s low) and around $4.50. When the broader market weakens, high-beta assets like NEAR typically fall more sharply.
Key short-term levels: support at $4.89 / $4.50; resistance at $5.64 / $6.00. The medium-term fundamentals have not reversed—ETF inflows remain strong and Intents data is positive. This move looks more like a deleveraging after an overextended rally. In a nutshell: Don’t chase the rebound. Wait for prices to stabilize around $5 or for a high-volume breakdown before deciding on a direction, and reduce leveraged positions first.
Current price: 5.03 USDT, down approximately 10.4% over 24 hours. The 24-hour high was 5.64 and the low was 4.89 USD, with trading volume of approximately $266 million. After climbing above the $6 mark, NEAR quickly retreated, giving back most of its weekend gains.
1. Deleveraging after excessive leverage: On October 12, open interest in NEAR futures hit a record $1.92 billion, roughly quadrupling in two months. After NEAR surged to $6, a long squeeze was triggered, and open interest fell back to around $1.5 billion. The price briefly dropped to around $5.07.
2. A roughly 16% weekend rally: NEAR Intents recorded a record $4.8 billion in cross-chain swap volume in September, with some fees used to buy back NEAR. This, combined with a governance proposal to reduce annual issuance from 2.5% to 1.6% over two years and the forced liquidation of about $6.5 million in short positions, created a short squeeze.
3. ETF inflows continue: Bitwise’s NEAR spot ETF (NRR, the first NEAR spot ETF in the U.S.), launched on September 29, saw net inflows of about $58.9 million in its first week, followed by another $13 million in the second week.
Deleveraging after open interest hits a record high often unfolds unevenly, and short-term volatility can rise sharply. If the $5 psychological level is decisively broken, the next levels to watch below are $4.89 (today’s low) and around $4.50. When the broader market weakens, high-beta assets like NEAR typically fall more sharply.
Key short-term levels: support at $4.89 / $4.50; resistance at $5.64 / $6.00. The medium-term fundamentals have not reversed—ETF inflows remain strong and Intents data is positive. This move looks more like a deleveraging after an overextended rally. In a nutshell: Don’t chase the rebound. Wait for prices to stabilize around $5 or for a high-volume breakdown before deciding on a direction, and reduce leveraged positions first.