NEAR price nears $6 with $1.95B in open bets: What’s next?

NEAR Protocol (NEAR) has surged 12.58% to approximately $5.85 on October 12, approaching the $6 resistance level as futures open interest climbed 19.16% to $1.95 billion and trading activity increased across exchanges.

According to CoinGecko, which recorded NEAR trading near $5.85, the cryptocurrency gained 16.37% over seven days while its 24-hour trading volume reached approximately $1.22 billion. The platform reported an 81.20% increase in daily trading activity, with market capitalization reaching nearly $7.65 billion. 

Meanwhile, CoinGlass data showed rising futures positions as traders prepared for another possible move above $6.

NEAR price approaches $6 after a strong recovery

NEAR has recovered sharply from its October 8 decline, when the cryptocurrency briefly traded near $4.30 before attracting renewed buying interest. According to CoinGecko’s historical data, the token recovered above $5 during the following sessions and approached $6 by October 12. Its latest trading price places it near the upper end of the range established after a rally that began around $2 in August.

The recovery follows several unsuccessful attempts to maintain trading above the 5.30–5.65 resistance region. During late September and early October, selling pressure repeatedly interrupted advances toward $5.50 and higher. 

However, the latest increase has carried NEAR beyond those previous resistance levels, bringing attention to the psychological $6 mark and the conditions required for a sustained breakout.

Crypto analyst Rekt Capital identified the $5.97 area as an important weekly resistance level in his October 12 technical assessment. He said NEAR had advanced approximately 37% since successfully retesting a former macro downtrend line, with the next test involving a weekly close above $5.97. According to the analyst, closing above that level and subsequently defending it during a pullback could support further price gains.

The analyst wrote that “a successful retest of ~$5.97 would lead to additional upside over time.” His outlook depends on NEAR completing the required weekly close and retest, neither of which is confirmed by an intraday move toward $6. The analysis therefore describes a conditional breakout scenario, not a guaranteed continuation of the rally.

As previously reported, NEAR faced repeated selling pressure around $5.30 and $5.65 during the preceding sessions. The October 11 assessment identified $6 and $6.50 as possible upside levels if buyers established a convincing move above the earlier resistance zone. The latest advance has brought the cryptocurrency closer to testing those levels.

NEAR futures open interest jumps to $1.95 billion

The rally has coincided with increased activity in NEAR’s derivatives market. According to CoinGlass data, futures open interest climbed 19.16% to approximately $1.95 billion, while derivatives trading volume increased 73.91% to $3.27 billion. The figures indicate that more futures positions remained outstanding as the token approached $6.

Open interest measures the value of futures contracts that traders have not yet closed or settled. An increase can occur when traders open new positions, but it does not establish whether bullish or bearish positions are dominant. CoinGlass’s NEAR market dashboard independently displayed open interest near $1.95 billion during the reporting period, although live figures varied as trading continued.

The derivatives data shows a substantial increase compared with the levels visible in August. The supplied CoinGlass chart placed open interest around $300 million to $400 million during that month, followed by a steady increase into October. With outstanding positions approaching $2 billion, the current reading is considerably higher than the earlier levels shown in the chart.

Rising open interest alongside increasing prices can indicate growing participation in a market advance. However, leveraged positions introduce the possibility of forced liquidations when prices move sharply against traders. A move above resistance could pressure short positions, while a rejection near $6 could expose leveraged long positions to losses.

The sharp increase in derivatives volume does not prove that traders expect higher prices. Every futures contract involves opposing positions, and open interest measures outstanding exposure without revealing the complete intentions of market participants. Funding rates, liquidation activity and changes in position sizes would provide additional information about the balance between buyers and sellers.

Analysts identify $6.30 and $8.30 as possible NEAR targets

Other analysts have identified additional resistance levels beyond $6, although their projections depend on NEAR maintaining its current recovery. Crypto analyst Giannis Andreou outlined a scenario involving an initial move toward 6–6.30, followed by a possible pullback into the 5.20–5.60 region. He suggested that trading around $5.50 during a consolidation period could help establish a higher support base.

According to Andreou, a weekly breakout above the descending trendline, followed by a successful retest, could create a path toward $6.85 and the 7.80–8.30 region. His analysis identified $9.40 as a further possible target if NEAR cleared those intermediate levels. However, the analyst said a decline below $4.90 would invalidate the proposed bullish setup.

The outlook focuses on weekly price movements, which differ from the shorter daily fluctuations recorded during NEAR’s recent advance. A temporary rise above $6 would not necessarily meet the conditions described in Andreou’s analysis. His projections require the cryptocurrency to maintain higher support levels while establishing a confirmed breakout on the weekly chart.

Meanwhile, analyst CryptoBullet argued that NEAR’s monthly chart had improved after the cryptocurrency broke above a descending resistance line extending back approximately four years. He said the token had subsequently retested the former resistance level and compared its possible future performance with Zcash’s recent rally. His comparison was speculative and did not include a confirmed price target or timetable.

The longer-term technical outlook follows NEAR’s recovery from the August trading region near $2. An earlier analysis of NEAR’s 135% monthly advance identified the 5.50–6.20 area as an important resistance region after the token broke through its previous macro downtrend. That assessment discussed the possibility of further gains while cautioning that the rapid advance had left momentum indicators elevated.

NEAR technical indicators show strong but elevated momentum

The supplied TradingView daily chart placed NEAR at approximately $5.853 on October 12, with the cryptocurrency trading slightly above its upper Bollinger Band at $5.833. The middle band stood at $5.034, while the lower band was positioned at $4.235. According to the chart assessment, the position above the upper band indicates strong recent buying pressure, although the widening bands show that price volatility has increased.

The relative strength index provided another measure of the advance. NEAR’s daily RSI stood at 65.85, slightly above its signal average of 64.83. The reading indicated stronger recent gains than losses without reaching the commonly used overbought threshold of 70. However, the indicator’s elevated position is consistent with the sharp price increase recorded during the latest recovery.

The technical assessment identified $6 as immediate resistance, with the area around 5–5.03 providing an initial support reference near the middle Bollinger Band. If NEAR fails to maintain its advance, that support region would become relevant during a possible correction. The lower Bollinger Band near $4.235 provides another chart reference, although the indicator does not establish that price will reach that level.

Away from the immediate trading activity, NEAR’s community has been considering changes to the network’s token issuance schedule. A formal House of Stake proposal, published on October 7, seeks to reduce maximum annual issuance from 2.5% to 1.6% over 24 months. The proposal retains the existing 90/10 distribution between staking rewards and the protocol treasury.

The proposed reduction would be introduced gradually through adjustments made each epoch, equivalent to approximately 0.0375 percentage points per month. Its authors said the design was intended to reduce token issuance while giving validators time to adapt to changing rewards. The proposal remained under governance discussion, with participants raising questions about validator economics, staking participation and whether lower issuance could affect smaller network operators.

On October 9, validator operator Polkachu stated that it supported the proposed reduction and would adopt the corresponding protocol upgrade if approved. Other community participants questioned whether the change should proceed before further work on network revenue and validator funding. The proposal requires the appropriate governance approval before its issuance adjustments can take effect.