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<a href="https://crypto.news/price/neo/" rel="noopener noreferrer nofollow">NEO</a> gained bullish momentum after over eight months as Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) surpassed the $30,000 mark on Oct. 19.&nbsp;
The asset reached $15.3 on Nov. 5, marking a 36-week high — NEO reached $15.5 in mid-February. The native crypto of the <a href="https://crypto.news/chinas-neo-reveals-phygital-device-aims-to-catalyze-nft-activity/" rel="noopener noreferrer nofollow">Chinese blockchain Neo</a>, which once competed with the second-largest blockchain, Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), has gained bullish momentum after eight months of constant declines.
According to data from the market intelligence platform Santiment, NEO’s social volume skyrocketed over the past week — marking an 800% surge in the past seven days.&nbsp;
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 <img loading="lazy" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/11/NEO-NEO-12.11.47-06-Nov-2023.png" alt="NEO reaches 36-week high while short-positions rise - 24">
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 NEO price, social volume, Binance funding rate and open interest – Nov. 6 | Source: <a href="https://app.santiment.net/charts/sSqctVXl__sCl" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>
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Moreover, data from Santiment shows that the Binance futures funding rate for Neo has reached 0.05%. In simple terms, this indicates that short-position holders are dominating long-position holders until major movements happen.
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As the token reaches its local top, NEO’s total open interest (OI) witnessed a 68% rise in the past 24 hours. According to the market intelligence platform, Neo’s total OI in derivatives contracts has reached $44.3 million.
However, while the Binance funding rate suggests the dominance of short positions, the exact amounts of short and long positions are still not precise.
NEO is up by 17.6% in the past 24 hours and is trading at $13.66 when writing. It’s important to note that the asset registered a 91% rise over the past 30 days.
Data shows that the total market cap of <a href="https://crypto.news/neo-floki-and-injective-lead-top-gainers-in-the-last-24-hours/" rel="noopener noreferrer nofollow">NEO</a> is currently sitting at $963 million, making it the 50th largest cryptocurrency. Neo’s 24-hour trading volume surged by 316%, reaching $613 million.
Read more: <a href="https://crypto.news/top-assets-to-watch-this-week-egld-sol-arb/" rel="noopener noreferrer nofollow"> Top assets to watch this week: EGLD, SOL, ARB </a>

NEO reaches 36-week high while short-positions rise

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Other articles published on Nov 6, 2023

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