NEAR has strengthened significantly in the past 24 hours, with prices rising as much as 11.5%, and bullish sentiment in the derivatives market has also intensified. Foreign media, citing Coinalyze data, reported that NEAR contract open interest increased by 11.6% in a single day, indicating that the market is increasing its long positions. However, funding rates have fallen from previous highs, suggesting that the initial upward momentum driven by short covering is being digested by the market.
Funding rates have fallen back to near neutral.
Between May 31 and early June 1, NEAR funding rates rose, reflecting a rapid increase in bullish sentiment. In the following 24 hours, the indicator fell back to near neutral.
This means that the cost of continuing to hold long positions has not increased significantly. Foreign media believe that this change usually indicates the market has not entered an overheated phase, and therefore the short-term upward trend still has room to continue.
- The 24-hour increase was 11.5%.
- Open interest increased by 11.6% in a single day.
- Funding rates have fallen back to near neutral.
Weekly resistance is concentrated between $2.38 and $2.80.
However, looking at a longer timeframe, NEAR's trajectory is not easy. The article points out that the weekly chart has already broken below a key higher low, indicating that a larger downward structure is still in progress. By December 2025, another swing low near $1.79 was also broken, further reinforcing this assessment.
Within this framework, $3.34 remains the weekly swing high. Based on Fibonacci retracement levels, $2.38 to $2.80 is considered a strong resistance zone; if the price enters this area, it may encounter more significant selling pressure.
In the short term, the target remains above $3.20.
Despite the weak weekly chart structure, the article believes the 4-hour chart still maintains a bullish pattern. Over the past week, NEAR found support around $2.21, which corresponds to the 78.6% retracement level of the previous 4-hour swing.
Under this premise, the price still has the potential to continue its upward trend, with a target of $3.20 or even higher. However, if it falls below $2.01, the short-term swing structure will weaken, and market sentiment may shift from buying on dips to a bearish bias.
Currently, the $2.8 to $3.0 range remains a key supply zone to watch. If prices continue to approach this range, whether the upward momentum slows will be a key focus in the short term.
