NEAR poised for breakout amid rising buying activity
Key Takeaways
NEAR could be on the verge of a significant price surge. Buying activity in the spot market is increasing, while sentiment in the futures market is also improving. Additionally, liquid deposits into the NEAR protocol are rising. These factors could pave the way for a strong price movement.
Buying Pressure Returns to the Spot Market
After a sell-off totaling 1 million USD in NEAR tokens, traders are starting to buy again. At the time of analysis, over 474,000 USD had already been invested in NEAR. This development suggests a possible continuation of the upward trend, provided buying interest remains strong.
At the same time, the total value locked (TVL) in the NEAR protocol is increasing. Within a short period, this value rose by 11.77 million USD to 165.89 million USD. Such capital inflows often signal a long-term positive market sentiment.
Futures Market Shows Bullish Trends
A trend reversal is also emerging in the futures market. The open interest (OI)-weighted funding rate, an indicator of market sentiment, has turned positive again after two negative days. This suggests that selling dominance is fading and buyers could take control.
Additionally, liquidation statistics show that short positions are being increasingly closed. Traders who had bet on falling prices suffered losses amounting to 215,000 USD. This is another sign of strong buying presence.
Can NEAR Break Through Resistance?
On the price charts, NEAR is forming a bullish pattern within a descending triangle. This formation can often lead to strong price breakouts. If NEAR manages to break through the current resistance, an increase of 53.85% to 4.84 USD could be possible.
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Our Assessment
Current market movements indicate a potential price rally. Increasing buying activity, higher liquidity inflows, and a positive sentiment in the futures market support the continuation of the upward trend. The key factor will be whether NEAR can break through resistance.
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