NEAR protocol open interest (OI) hits record highs amid surged investor activity

December 21, 2023 01:37 AM AEDT | By Invezz

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NEAR protocol open interest (OI) hits record highs amid surged investor activity — Image source: Invezz

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Near protocol token recorded uptrends over the past day, with its price increasing by nearly 18%. Trading at $2.84 at press time, NEAR soared 27.50% within the previous week. Further, Coinalyze data shows the altcoin’s open interest (OI) saw a significant uptick to the highs of $118.3 million.

Meanwhile, Binance tops the charts with $69.2 million in OI, whereas Bybit and OKX followed with $30.6 million and $13.6 million, respectively. Other trading platforms accounted for the remaining numbers.

An increase in the overall open interest indicated surged investor activity. Amplified participation by market players translates to the project’s growth and lucrative future price actions.

Near protocol attracts decentralized applications due to its focus on user-friendliness and scalability. Meanwhile, the latest price increase and surged trading volume might underscore growing enthusiasm and confidence in NEAR among investors. Strategic collaborations potentially fueled the asset in the past few sessions.

The catch

While increased open interest reflects amplified investor activity, it’s noteworthy that there are no details about shorts and longs, adding unfamiliarity to the improved sentiment around NEAR.

Thus, crypto analysts will likely monitor the altcoin’s dynamics in the up-and-coming sessions to see whether NEAR can sustain its latest gains. Also, broader market developments will remain crucial in shaping the asset’s future trajectory.

The post NEAR protocol open interest (OI) hits record highs amid surged investor activity appeared first on Invezz

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