NEAR Protocol Price Surges 28% as Confidential Futures Launch Drives Trading Activity

The NEAR Protocol price has surged nearly 28% in the past 24 hours to around $3.47, extending its seven-day gain to more than 40%. This significant increase comes on the heels of the launch of confidential perpetual futures on near.com.

NEAR Protocol's confidential by default perpetual futures allows traders to open positions without publicly linking the position to their account. The product gives users access to over 50 perpetual markets while concealing details such as position size, direction, and entry time from public view.

The launch of this new product has been accompanied by a surge in trading activity, with the total value locked in NEAR's confidential finance products reaching $70 million on September 15. This automatically triggered the first snapshot under the NEAR@3.33 incentive programme, allocating 333,333 milestone tokens to eligible participants.

The current momentum has pushed the relative strength index (RSI) to 88.44, well above the conventional overbought threshold of 70. However, an RSI reading this high does not necessarily require an immediate price reversal.