NEAR gains 12% as open interest tops $1.5 billion

NEAR Protocol extended its recovery from the $4.55-$4.60 support zone, rising 12.59% to $5.216 on Oct. 16. The token gained 10.82% over seven days, while daily trading volume exceeded $1.24 billion.

On the four-hour chart, NEAR moved above its 20-, 50- and 100-period exponential moving averages. The price then approached resistance between $5.267 and $5.359, with $5.36 identified as the main ceiling. A sustained break above that range could bring $5.65 and $6.018 into focus.

Initial support was located between $5.095 and $5.109, where the 20- and 50-period moving averages converged. A decline below that range could expose $4.957-$4.964, followed by support near $4.706. A broader support zone sat between $4.301 and $4.453.

The Stochastic Relative Strength Index, or Stochastic RSI, recorded readings of 80.78 and 87.64, which placed the indicator in overbought territory. The faster line crossed below the slower line.

NEAR’s derivatives open interest rose above $1.5 billion in October after fluctuating between about $200 million and $500 million for several months. The measure, which tracks the total value of outstanding futures and options contracts, briefly reached nearly $1.9 billion before falling to about $1.53 billion.

Spot-market data recorded a $1.59 million net outflow on Oct. 16 while NEAR traded near $5.215. The token also recorded large withdrawals in recent months, including outflows approaching $40 million in September and October. Earlier data showed inflows above $20 million in late May, followed by heavy outflows in June.

The technical levels under review include resistance at $5.267-$5.359 and support at $5.095-$5.109, $4.957-$4.964, $4.706 and $4.301-$4.453.