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The Near Protocol (NEAR) price has surpassed its previous swing high of $5.5 and was eying upward for further advancement in the coming sessions. It ranked 17th globally among the top 20 cryptocurrencies at press time.
It had a market cap of $6.769 Billion, and a spot volume of the past 24 hours was $410.621 Million. The price appeared to have low to moderate liquidity, as the ratio between its 24-hour volume-to-market cap stood at 6.01%.
As per the tokenomics of Near Protocol, 1.102 billion coins (nearly 92%) were circulating in the market out of the total supply of 1.2 billion coins.
According to the daily chart, NEAR marked an all-time high (ATH) of $9.0 on March 15th, 2024. Its current price traded nearly 30% below the peak level.
Meanwhile, the all-time low (ATL) was recorded on October 15th, 2024, where the low was at $0.970. Comparatively, the current price traded 500% above the ATL.
Monitoring the NEAR Derivatives Data Analysis
Per CoinGlass, the NEAR derivatives data analysis highlighted that its open interest (OI) was $207.81M within 24 hours. It showed a 2.13% advancement. Meanwhile, the volume of derivatives was $521.28 Million.
Additionally, the 0.941 long/short ratio of 24 hours signified more shorts than longs in the crypto. The liquidated shorts were more than longs after a long bearish dominance from the last two weeks.
Meanwhile, the volume of derivatives amounted to $521.28 Million.
Additionally, the 0.941 long/short ratio of 24 hours signified more shorts than longs in the crypto. The liquidated shorts were more than long after a long bearish dominance from the last two weeks.
The shorts amounted to $558.99K, and the longs amounted to $236.78K. Overall, derivatives data analysis highlighted the continuation of bullish momentum at the time of writing.
NEAR Protocol Project’s Fundamentals & Other Factors
The platform is built to provide the best possible experience for users and developers. NEAR Protocol is designed to provide a simple, secure, and scalable blockchain.
Beyond this, the project’s involvement in its development activity, social community, and online presence scored 10 out of 10. It also had a good Twitter score of 421 out of 1000, with significant followers like @sambankman, @ChrisDixon, and many more.
Moreover, the NEAR coin has 27 backers, and the leading ones are A16z, Tiger Global Management, Three Arrows Capital, Accomplice, and Distributed Global. The security score produced by CertiK Skynet highlighted that NEAR had an ‘AA’ tier security score of 90.96.
After evaluating the NEAR based on backers’ quality, security measures, and value generation, it received a 9.20 out of 10. The project’s fundamental solidity also contributed to its high rating.
Similarly, its market, financial health, and performance metrics were 9.95 and 10, respectively.
Additionally, the Vesting Schedule will end next year in September 2025, when it will increase its supply to 1.0 Billion from current circulation.
Decoding the NEAR Price Technical Chart in Daily Time Frame
From the low of $0.970 on October 15th, 2023, the price peaked more than 800% to $9.0 on March 14th, 2024. Thereon, the Bitcoin price declined, and a broader market followed, resonating with the godfather of global crypto.
In the process of rising and declining, two major zones were developed, where the supply was built around $8.5, and demand was built around $4.0.
The NEAR pricerecently jumped from the demand zone as BTC sustained and rose. The gain during the past 12 days from where BTC showed sustenance was 62%.
At press time, the EMA bands support the price as it moves past them. MACD highlighted a histogram at 0.225, and the RSI was at 62.57. Those indicators were bullish at the time of writing when the price last traded at $6.132.
Therefore, if the price keeps rising, the resistances would be at $7.0 and $9.0, respectively. However, if the price declines, the support would be at $5.5 and $4.5, respectively.
The NEAR Coin Price Has Been Upward
The Near Protocol coin’s price has increased and reached above its previous high of $5.5. Analysts saw the potential for further growth, with technical indicators suggesting a surge towards $7.0 or even $9.0.
The current NEAR price was $6.132, with support levels at $5.5 and $4.5 in case of a decline.