NEAR Protocol's price slipped 2.76% in the last session to $1.83, but the market's positioning tells a different story. Top traders are holding 65% long positions, and open interest has expanded by 3.68%. The token is now coiling at $1.83, with some traders eyeing a breakout toward $1.99.
Traders lean long despite the dip
The latest session saw NEAR drop, yet the long-to-short ratio among top traders sits at 65% in favor of longs. That's a clear signal that the most active market participants aren't running for the exits. They're holding, and in many cases adding, positions.
Why the disconnect between price and positioning? It's not unusual in a coiling pattern. The price moves sideways, shaking out weak hands, while larger traders accumulate. The 65% figure suggests conviction, not panic.
Open interest expands
Open interest for NEAR grew by 3.68% during the same period. That means new money is coming into the market, not just existing positions being shuffled. When open interest rises alongside a consolidating price, it often points to a buildup of energy before a move.
In this case, the move could be upward. The combination of rising open interest and a long-heavy trader base gives the bulls something to work with. But it's not a guarantee. The market can turn quickly, and a break below the coil would change the picture.
Coiling at $1.83
The price is sitting at $1.83, a level that's held for several sessions. Technical traders call this coiling — a tightening range that precedes a breakout. The target on the upside is $1.99, a level that would represent a gain of roughly 8.7% from the current price.
That's the setup. Whether it plays out depends on whether buyers can push through the resistance above. If they do, $1.99 is the next stop. If they don't, the coil could extend, and the long positions would be tested.
For now, the data points in one direction: traders are long, open interest is up, and the price is holding a key level. The next session will show if that's enough to trigger the breakout.
