Near Protocol (NEAR) extended its rally over the past 24 hours, climbing 11.67% to $2.08 at press time, as traders returned to the market after a period of heavy selling.
Trading activity notably strengthened alongside the rally, with daily volume up 25.41% to $625 million. This combination suggests that buyers were not counting on low liquidity to drive up prices.
Instead, new capital has emerged to support this advance. The rebound also developed after CLOSE briefly traded near the $1.85 region, where buyers had previously moved in aggressively. As a result, the market regained confidence around the psychological $2.00 level.
However, traders still encountered general resistance, which continued to limit attempts to extend the rally into higher price areas.
Why do Binance traders remain optimistic?
Market sentiment remained constructive despite recent volatility.
At the time of writing, Binance Top Trader’s Long/Short ratio showed that 62.51% of positions remained long, while only 37.49% remained short. The positioning produced a Long/Short ratio of 1.67, highlighting the continued confidence of larger participants.
The data suggests that experienced traders did not abandon their bullish exposure during the recent correction. Instead, they seemed to expect further upside after NEAR reclaimed the $2.00 area. Although long, heavy positioning sometimes creates liquidation risks, the current structure reflects persistent optimism rather than excessive euphoria.
Furthermore, the ratio remained elevated throughout much of the recent recovery phase, reinforcing the view that traders continued to favor higher prices.
NEAR challenges resistance as RSI rebounds
The technical structure improved significantly after CLOSE defended the $1.857 support level and recovered towards the $2.207 resistance zone. The daily chart shows buyers regaining control after a strong sell-off erased gains from the recent double top formation near $2.80.
Since then, the price has gradually recovered and returned above the psychological threshold of $2.00. The RSI also reflects improving conditions. The indicator had previously dropped near the 40 level during the decline before rebounding to 51.01 at press time. Although the RSI remained below its moving average of 61.46, it no longer signaled oversold conditions.
Furthermore, the latest sequence of higher lows suggests strengthening demand. If buyers secure a decisive break above $2.207, the recovery structure would remain intact and could support a broader advance.
Liquidity clusters gather just above
Liquidation data revealed a growing concentration of debt above current prices.
Binance’s liquidation heatmap highlighted one of the largest liquidity clusters between around $2.13 and $2.15, directly above NEAR’s current trading range. Markets frequently gravitate toward these areas as forced liquidations create additional order flow.
For this reason, the cluster represented a potential short-term magnet for price developments. Beyond this area, several smaller pockets of liquidity extended towards $2.18 and $2.20. As buyers continue to advance, these positions could become increasingly vulnerable.
Nonetheless, traders would likely monitor whether NEAR could absorb profit-taking pressure around these levels before targeting higher resistance areas.
Can NEAR reach $2.80 next?
NEAR has already reclaimed key support and restored bullish sentiment among major Binance traders. The RSI recovered from an oversold zone, while liquidation clusters remained positioned above current prices.
If buyers break through the $2.20 resistance zone, the price would likely aim for higher liquidity levels and could possibly challenge the key resistance zone of $2.80. However, failure to overcome nearby resistance would keep NEAR trading within its current recovery range.
Final summary
- NEAR reclaimed $2.00 as volume and trader confidence continued to improve.
- Strong above-price liquidity could lure NEAR towards the $2.20 area.
