NEAR Price Surges Past $4, Sets Sights on $5 Target
Near Protocol (NEAR) has been one of the strongest performers in the cryptocurrency market, surging to an intraday high of $4.59 and trading around $4.50. This represents a dramatic shift from the consolidation seen just days earlier at $2.40-$2.60.
The strength of the breakout puts the significant $5 level within reach, with continued buying pressure potentially allowing NEAR to test that threshold in the near term.
According to Santiment, NEAR gained approximately 81% between Sept. 13 and Sept. 20, but open interest denominated in dollars rose by 119%. This distinction is significant, as it indicates that traders added significant new exposure even though a large portion of the dollar increase results from NEAR becoming more valuable.
The current structure of the derivatives market might become a foundation for a run toward the $5 target. Multiple resistances have been shattered, with NEAR quickly breaking through $3, $4, and $4.40.