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Following a more than 100% increase in derivatives market flows, Near Protocol (NEAR) is exhibiting renewed activity, indicating that traders are once again preparing for a bigger move. Fresh capital entering futures markets may indicate that volatility is about to return, even though NEAR has spent the last few weeks consolidating following its explosive rally in May and June.
Liquidity is growing
Recent futures flow data shows that NEAR saw a net inflow of about $1.7 million during the four-hour period, which is a 242% increase. With net inflows of $1.78 million and growth of more than 200%, the eight-hour period also remained steadily positive. When traders start opening new positions ahead of expected market movement, such spikes usually signify increased speculative interest.
When combined with growing open interest across major exchanges, the derivatives picture becomes even more intriguing. Despite a recent slowdown in spot market volume, open interest remains high, and Binance, Bybit, and MEXC continue to dominate NEAR trading activity. When traders prepare for a directional breakout during accumulation phases, this divergence frequently appears.
Near might be stuck
Technically speaking, NEAR is still stuck between important moving averages and is currently trading at about $1.93. After failing to maintain a move above the $2.00-$2.10 range, where the 50-day moving average continues to serve as resistance, the asset recently lost momentum. Bulls, however, continue to have a significant advantage because the price is still above the 100-day and 200-day trend indicators in the $1.80-$1.85 range.
The chart also shows that, in contrast to the extreme fluctuations observed in May and June, volatility has considerably decreased. Sharp directional movements have historically followed such contraction periods. This indecision is reflected in the Relative Strength Index near 48, which is essentially in neutral territory and allows for either bullish or bearish expansion.
Regaining $2.05 would probably give bulls fresh momentum and possibly pave the way for the $2.30-$2.50 range. On the downside, losing support at $1.80 would render the existing recovery structure invalid and put NEAR at greater risk of a retracement.
NEAR appears to be entering a phase where the next volatility expansion could happen sooner rather than later, as futures flows have accelerated by more than 100% while the price remains compressed. Traders are already positioning themselves for it.
Dan Burgin
U.Today Editorial Team
