The price of NEAR token ended the trading session at the very bottom of its 24-hour range, a bearish close that coincided with an 11% jump in open interest. The spike in open interest suggests a buildup of long positions that are now underwater — a classic trapped-long setup that traders watch closely.
Why open interest matters
Open interest measures the total number of outstanding futures contracts. When it climbs alongside a falling price, it typically means new money is entering the market on the long side — and those positions are quickly losing value. For NEAR, the 11% increase in open interest during a session that touched the day's low is a warning sign. If those longs start to capitulate, selling pressure could accelerate.
The $1.93 line in the sand
Analysts are now focused on the $1.93 level. That price point has become the immediate support that bulls must defend in the next two trading sessions. If NEAR can hold above $1.93, the current structure could still stabilize. But a break below that level would open the door to the next downside target: $1.77. That's roughly 8% lower from Monday's close, a move that would likely trigger a wave of stop-loss orders and forced liquidations.
What happens next
The next two sessions are critical. If NEAR fails to defend $1.93, the trapped-long footprint could unwind quickly, accelerating the drop toward $1.77. Traders will be watching the open interest numbers closely in the coming days — a sharp decline in open interest combined with a price drop would confirm that longs are being flushed out. For now, the market is waiting to see whether buyers step in at current levels or if the selling pressure continues.
