October 13th 2026, 12:30 PM
NEAR Protocol Sees Unprecedented Open Interest Surge
Key Summary
Near Protocol (NEAR) has set a new record in the futures market with $1.92 billion in open interest, driven by increased trading activity and cross-chain volume, according to Coinglass data. The token's price surged from $1.60 in August to nearly $6.00, but has since dropped to $5.07, highlighting the danger of high open interest. The current market is showing strong momentum, but a record in open interest does not guarantee further gains.
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Record Open Interest in Futures Market
NEAR just set a new record in the futures market. Open interest in NEAR contracts hit $1.92 billion on October 12, according to Coinglass data. That is the highest level ever for the token.Price Surge and Subsequent Drop
At that moment, NEAR was trading at $5.88. The size of this jump is hard to miss. In July and August, open interest sat between $300 million and $450 million.Market Analysis
The daily chart shows the coin trading far above its moving averages. The black line, which tracks the long-term trend, is near $2.55, and the price is about double that.Warning Signs
But the record came with a warning. NEAR touched $6.00 and then fell hard. The current daily candle is red, with the price now near $5.07. Open interest also dropped from its peak and now sits closer to $1.5 billion.Key Levels
The key levels are clear. On the downside, the green moving average near $4.60 is the first support, and the low from last week near $4.30 is the next one. A break below those would open a path toward $3.90.Upside Potential
On the upside, buyers need to push back above $5.50 to try another run at $6.00. For now, NEAR has strong momentum and record interest from traders.#NEARProtocol#Crypto#US#OpenInterest