NEAR's 119% Surge Brings $5 Target Within Reach
Near Protocol's price has surged 119% in recent days, reaching an intraday high of $4.59 and currently trading around $4.50.
This dramatic shift in market structure makes it possible for NEAR to test the significant $5 level in the near term, according to analysts.
The distinction between open interest denominated in dollars rising by 119% versus the token's own measure of open interest increasing by just 21% is significant. The latter still indicates that traders added substantial new exposure, even though a large portion of the dollar increase results from NEAR becoming more valuable.
Funding rates have also hit roughly 1.6 times their two-month median in September, with Santiment pointing out that while leverage is crucial to the rally, the metrics are not diverging sufficiently to describe positioning as exhaustion.