NEAR Protocol’s Native Token Reaches 10-Month High
NEAR Protocol’s native token, NEAR, has experienced a bullish surge in the past week, reaching its highest point in 10 months. At the time of writing, NEAR is trading at $2.74, a level last seen in mid-February. The cryptocurrency currently holds a market cap of $2.74 billion, placing it as the 31st-largest crypto asset.
Increased Trading Volume and Open Interest
NEAR Protocol has seen a significant increase in its daily trading volume, with a rally of 144% that surpassed the $400 million mark. Additionally, the total open interest (OI) for NEAR has risen by 17.2%, reaching $90.8 million. This surge in OI indicates high investor interest and marks the first time NEAR has surpassed the $90 million mark since August.
Binance Funding Rate and RSI Analysis
Data from Santiment reveals that NEAR Protocol’s Binance funding rate currently stands at around 0.01%, suggesting a slight dominance of long position holders. The Relative Strength Index (RSI) of NEAR has also shown a slight increase from 58 to 59 over the past 24 hours. To maintain its price above $2.7, NEAR’s RSI should remain below 60. However, if the RSI surpasses the 65 mark, there is a possibility of a price cooldown.
Partnerships Boosting Momentum
In early November, NEAR Protocol announced significant partnerships that may have contributed to its recent bullish momentum. The protocol teamed up with Polygon Labs to enhance zero-knowledge proofs and partnered with Eigen Labs to improve Ethereum rollups’ efficiency and reduce costs.
Hot Take: NEAR Token Surges to 10-Month High Amidst Strong Trading Volume and Open Interest
NEAR Protocol’s native token, NEAR, has reached its highest point in 10 months, trading at $2.74. The surge in trading volume and open interest indicates strong investor interest. Additionally, NEAR’s Binance funding rate suggests a slight dominance of long position holders. As the asset’s RSI approaches the 60 mark, maintaining it below this level is crucial for sustaining the current price. NEAR Protocol’s strategic partnerships announced in November have likely contributed to its recent bullish momentum.
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