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NEAR Protocol’s native token, <a href="https://crypto.news/price/near-protocol/" rel="noopener noreferrer nofollow">NEAR</a>, gained bullish momentum over the past week and just reached its 10-month-high.
NEAR is up 17.6% in the past 24 hours and is trading at $2.74 at the time of writing — a level last seen in mid-February. The asset’s market cap currently stands at $2.74 billion, making it the 31st-largest cryptocurrency.
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 <img loading="lazy" width="1024" height="347" src="https://crypto.news/app/uploads/2023/12/NEAR-Protocol-NEAR-11.06.26-20-Dec-2023-1024x347.png" alt="NEAR emerges as top gainer, open interest at 4-month high - 20">
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 NEAR price, open interest, Binance funding rate and RSI – Dec. 20 | Source: Santiment
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NEAR Protocol’s daily trading volume recorded a 144% rally, surpassing the $400 million mark.
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According to data provided by the market intelligence platform Santiment, NEAR’s total open interest (OI) increased by 17.2% — rising from $77.5 million to $90.8 million. While the current OI shows high investor interest, the exact amounts of short and long position holders are not clear.
It’s important to note that NEAR’s OI has surpassed the $90 million mark for the first time since August.&nbsp;
Moreover, data from Santiment shows that NEAR Protocol’s Binance funding rate hovers around 0.01%. This indicator suggests a slight dominance of long position holders until further price movements.&nbsp;
Per Santiment, the Relative Strength Index (RSI) of NEAR also recorded a slight increase, from 58 to 59, over the past 24 hours. For the asset to remain above the $2.7 mark, its RSI needs to stay below 60.&nbsp;
If NEAR’s RSI goes above the 65 mark, the possibility of a price cooldown should be expected.&nbsp;
NEAR Protocol announced notable partnerships in early November which could have been key elements in starting the asset’s bullish momentum in the first place.&nbsp;
On Nov. 8, the protocol <a href="https://crypto.news/near-and-polygon-partner-to-innovate-on-zero-knowledge-proofs/" rel="noopener noreferrer nofollow">joined forces</a> with Polygon Labs to enhance zero-knowledge proofs. Two days later, NEAR Protocol <a href="https://crypto.news/near-foundation-and-eigen-labs-partner-to-enhance-ethereum-rollups/" rel="noopener noreferrer nofollow">partnered</a> with Eigen Labs to make Ethereum rollups more efficient and reduce its costs.
Read more: <a href="https://crypto.news/k33-research-spot-bitcoin-etf-approvals-expected-in-january/" rel="noopener noreferrer nofollow"> K33 Research: Spot Bitcoin ETF approvals expected in January </a>

NEAR emerges as top gainer, open interest at 4-month high

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Other articles published on Dec 20, 2023

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