NEAR is still far from its pre-FTX level, but don't lose hope because...
According to Santiment, the recent price surge saw NEAR’s weighted sentiment flip to the positive side. However, sentiment data was unavailable at press time.
On the other hand, NEAR’s Funding Rate in the Binance exchange has remained unchanged since 22 January. It rested on the neutral line, showing demand for NEAR in the derivative market stagnated in the past week. The above trend is also captured by NEAR’s open interest rate fluctuations despite rising prices. NEAR made higher lows from 19 January, but the OI recorded some lower lows in the same period, indicating a hidden divergence.
Although the above trend could have delayed a much stronger uptrend momentum, the OI increased proportionately, at the time of writing. If the trend continues and more money flows into NEAR’s futures market, its uptrend momentum could get a boost to bypass its obstacles.Subscribe to get it daily in your inbox.
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