• NEAR Protocol approaches the crucial $3.50 resistance after rebounding from a $1.90 low, with $4.63 set as the next major upside target.
• Derivatives market data shows open interest up 2.50% to $300.85M, signaling bullish positioning despite a 33.83% drop in trading volume.
• Positive funding rates and rising open interest historically align with strong upward price movements for NEAR.

NEAR (Protocol) NEAR is gaining traction throughout the altcoin sphere and has broken out from the recent downtrend. It is experiencing a surge, in line with the entire crypto market. The crypto market has turned bullish as BTC has started upward consolidation towards its ATH around $123,000. If a successful breakout occurs, then NEAR will lead to a profit zone around $4.63.

At the time of writing, the token is trading at $2.84, with a 24-hour trading volume of $191.77 million and a market capitalization of $3.52 billion. The token price over the last 24 hours is up by 4.68%, and over the last week it is also up by 21.07%.

Source: CoinMarketCap

NEAR Sets Sights on $4.63 After Recovery

A prominent crypto analyst, Lennaert Synder, highlighted that NEAR has put up a remarkable comeback, overcoming a low of approximately $1.90 and is currently moving in a fairly stable region. The token is on its way to breaking above the critical $3.50 resistance barrier, a point that will decide its next significant movement.

Technical analysts say a breakout and retaking over $3.50 can initiate a powerful bullish surge. The first target on the upside, through a breakout, is found at $4.63, where previous support levels intersect.

Source: X

Technical charts have clearly defined take-profit and resistance lines, giving the trader a blueprint for future movement. Such levels become critical checkpoints, enabling participants to signal where to enter and leave and managing risk.

NEAR is range-bound now, and bulls target a strong breakout above resistance. A confirmation might trigger a rapid increase in purchasing momentum, and a failed breakout above $3.50 might keep the asset range-bound. Sentiment is bullish but cautious, and most are targeting a next target milestone of $4.63 in the token’s bounceback recovery.

NEAR Derivatives Signal Quiet Bullish Positioning

Coinglass data on the derivatives market reinforces the bullish argument despite a precipitous 24-hour volume fall by 33.83% to $397.66 million. Open interest has risen 2.50% to $300.85 million, indicating that traders are quietly positioning.

Source: Coinglass

Although the OI-weighted funding rate remains weakly positive at 0.0108%, which reflects the leaning towards long positions from leveraged speculators, the pattern historically leading to strong upside movements is one for rising open interest and positive funding.

Source: Coinglass

Also Read: NEAR Protocol: $2.79 Now—But Can It Climb to $20 Again in 2025?