NEAR Protocol Price Breakout: Can It Reach $8?
NEAR Protocol's price has surged by 17.27% in recent times, propelled by growing interest in its Intents ecosystem and whale demand.
The protocol's Confidential Intents TVL (Total Value Locked) has seen a significant increase of 188% over the past 90 days, reaching approximately $90.52 million. This growth is partly due to the 'NEAR@3.33' incentive program, which encourages users to deposit funds into Confidential Intents and rewards them with convertible tokens.
The spot market activity also shows strong participation, with a 93.63% increase in trading volume to $2.21 billion. The Spot Average Order Size indicator has registered Big Whale Orders, indicating substantial transactions during the recent rally. Furthermore, the 90-day Spot Taker CVD (Cumulative Volume Delta) has printed taker-buy dominance, confirming aggressive buyers controlling the spot market.
The derivatives traders have also leaned towards longs, extending bullish positioning in the spot market activity. The OI-Weighted Funding Rate has climbed to 0.0282%, approaching its highest positive readings since June. However, this has introduced a different risk as leveraged longs become concentrated, which could force a price rejection near the overhead supply and amplify a price retracement.