NEAR’s Rally Has A Real Demand Test
NEAR just moved around 17% and this time the price action is not the only thing catching my attention.
The network data is getting interesting too.
Confidential Intents TVL reached around $90.5M after growing roughly 188% over 90 days.
That is a meaningful increase in capital moving through the ecosystem.
Trading activity also expanded sharply.
NEAR volume jumped around 94% to roughly $2.21B.
But the part I find more important is what happened in the spot market.
The 90 day Spot Taker CVD showed buyers taking control.
Whale sized orders also appeared during the rally.
So unlike a move driven only by derivatives this recovery has evidence of aggressive spot demand behind it.
There is still one problem.
Funding has climbed to around 0.0282%.
That means leveraged longs are becoming more crowded.
If price keeps moving higher this leverage can help accelerate the move.
But if NEAR gets rejected from resistance then those same longs can become forced sellers.
The chart is now entering the $3.60 to $4.50 weekly order block.
This area is important because it previously acted as a major reaction zone.
NEAR rallied around 127% from this region in November 2024 and eventually reached close to $8.
But history does not guarantee the same move again.
The current setup is different and NEAR has approached the zone from below.
For me $4.50 is an important test before thinking about much higher levels.
A clean move through that area would show that buyers are accepting higher prices.
Then $5 becomes the next major level to watch.
If NEAR gets rejected inside the order block then the recent 17% rally could simply turn into consolidation.
The interesting part is that both sides of the market are now visible.
Spot demand is improving.
Whale activity is appearing.
Intents usage is expanding.
But leveraged longs are also increasing.
So I am watching whether spot buyers can keep absorbing supply as NEAR approaches $4.50.
That will tell me much more than the 17% candle itself.