NEAR's token fell 3.88% in intraday trading to $1.86, extending a pullback that has traders watching a key level for any sign of a rebound. The move comes even as whale desks remain heavily positioned to the upside, with 65.5% of their positions long, and as open interest climbed 6.16% in the same session.
Whale positioning stays bullish
Data from whale desks—platforms that track large traders—shows that more than six in ten positions are still betting on higher prices. That long bias hasn't stopped the price slide, but it does suggest a chunk of market participants are treating the dip as a buying opportunity rather than a reason to flee.
Open interest, the total number of outstanding derivative contracts, jumped by 6.16% as NEAR dropped. That combination—rising open interest and falling price—can signal fresh short positions being opened, or long traders adding to their bets at a discount. The split in interpretation is part of why the price action has traders watching closely.
The level to watch: $1.93
For the token to turn its short-term trajectory around, NEAR needs to reclaim $1.93. That price point sits just above the current $1.86, and a move back above it would clear the recent swing high and give bulls a base to work from. Failing to get there keeps the bias tilted lower, even with whales leaning long.
The drop and the open interest spike come amid a broader session where risk appetite in crypto looks uneven. NEAR's intraday move is the only data point available, so it's hard to say whether this is a one-off or part of a wider pattern.
What comes next is straightforward: whether NEAR can close back above $1.93 in the next session or two. If it does, the long positioning among whales gets reinforced. If it doesn't, those same desks might be the ones getting squeezed.
