NEAR Open Interest Slips to $448.6M as $2.00 Resistance Holds Firm

NEAR Protocol has advanced 4% since Sunday but is failing to clear a descending trendline resistance sitting above $2.00, with derivatives data pointing to thinning leverage behind the move. Futures open interest has slipped to roughly $448.6 million over the past 24 hours, according to CoinGlass, as traders unwind positions following the latest rejection near resistance.

The pullback in open interest interrupts a recovery that had built momentum through last week, shifting attention to whether NEAR can hold support around its 50-day Exponential Moving Average (EMA). Traders are now watching that level as the near-term line in the sand for the rebound’s durability.

Resistance caps the bounce, leverage retreats

NEAR’s inability to break through the descending trendline above $2.00 marks the second consecutive failed attempt at that zone, and it has coincided with a retreat in speculative positioning. A drop in open interest typically reflects leveraged traders closing out exposure rather than initiating fresh bets, a pattern consistent with fading conviction after a rejection at resistance.

That combination — price stalling at a well-defined technical ceiling while futures activity cools — is a signal that active traders often read as a warning that the recent upside lacks the derivatives-driven backing needed to sustain a breakout. Without renewed leverage flowing back into long positions, the token risks drifting back toward its moving-average support rather than pushing through resistance.

50-day EMA becomes the key battleground

With the descending trendline holding firm, the 50-day EMA has become the structural line traders are tracking to gauge whether the broader recovery attempt remains intact. A hold above that average would keep the improved technical structure of recent weeks alive, while a break below could open the door to a retest of lower support levels.

The setup leaves NEAR in a holding pattern: price action has improved relative to recent weeks, but the retreat in open interest suggests the market is not yet convinced enough to commit fresh leverage to a breakout above $2.00. Traders positioning around the EMA will likely determine whether the next move is a renewed push at resistance or a slide back toward prior support.