NEAR: Derivatives market activity is growing, but the price is under pressure

Near Protocol (NEAR) is showing a significant shift in the derivatives market: futures trading volumes are increasing, and capital flows are strengthening. Despite the recent correction, the growing speculative interest suggests that volatility may rise significantly in the upcoming sessions. Currently, NEAR is trading around $4.31.

According to CoinGlass, the daily futures volume for NEAR reached approximately $2.88 billion, while the spot volume was $569.46 million. Major exchanges recorded a sharp increase: Binance by 78.44%, OKX by 83.53%, BingX by 98.01%. The long-to-short ratio for Binance traders is 1.7808: major participants remain bullish.

Meanwhile, flows in derivatives increase uncertainty. In the last eight hours, futures outflows exceeded inflows by approximately $5.86 million, and in four hours, another $5.82 million net outflow was recorded. The spot market looks different: in eight hours, inflows exceeded outflows by $13.16 million, and in 12 hours, the positive net flow was $18.50 million. This discrepancy indicates that interest in spot purchases remains despite the pressure on leveraged markets.

Technical Picture

The daily chart of NEAR shows a sharp correction after the October rise to $6. The price has fallen below several short-term moving averages, and the relative strength index has weakened to the lower half of the range. The nearest support is around $4.00, then $3.60, where additional support may come from a longer moving average. A return to 4.50–4.80 would strengthen the case for a resumption of growth.

In conclusion, the increase in activity in derivatives may amplify the next major move for NEAR, but it does not guarantee a price recovery. A convincing upward reversal requires sustained spot demand and an improvement in technical dynamics.