🚀 ETF Keeps Buying NEAR Protocol - NEAR Crypto Analysis

AI-generated source summary

The NEAR Protocol has shown significant upward momentum over the past 30 days, with a price increase of approximately 120%, reaching a high of $6.00 on October 12th. However, it experienced a sharp rejection from this level, falling by 16% within 17 hours. This rejection occurred within a descending channel on the daily chart, suggesting a potential bearish trend continuation. The volume analysis indicates that futures trading volume significantly outweighs spot volume, implying that futures traders are setting the short-term price direction. Despite the recent drop, open interest remains high at $1.95 billion, representing about 25% of NEAR's market cap. Liquidations were relatively small, suggesting no cascade of forced selling. The funding rate on Binance was slightly negative after the rejection, and long accounts on OKX are less than half, while on Binance, they represent the majority. On a longer timeframe, NEAR exhibits lower highs and lower lows within a descending channel, indicating a bearish long-term trend. The router's daily volume has returned to September levels, with fees for buying NEAR totaling $2.2 million in the last 30 days, and new tokens issued are approximately 6x the buyback. The total value locked on the NEAR chain is at a 12-month high of $260 million. An issuance proposal to reduce NEAR's annual issuance from 2.5% to 1.6% is currently in draft status, with one staker opposing it. While 43% of NEAR is staked, this does not guarantee bullish short-term price action. The overall sentiment suggests a bearish outlook for NEAR in the short to medium term, given the rejection at the $6 resistance level and the formation of lower highs and lows.

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