NEAR Protocol's native token surged nearly 28% over the past 24 hours to around $3.47 on September 18, extending its seven-day gain to more than 40%. The sharp move came as trading activity intensified following the launch of confidential perpetual futures on the platform.
Confidential perpetual futures launch
On September 17, NEAR introduced confidential-by-default perpetual futures on near.com, allowing traders to open positions without publicly linking them to their accounts. The product leverages Hyperliquid for execution and liquidity, while NEAR's Confidential Intents infrastructure handles the privacy layer. Users can access over 50 perpetual markets while keeping details such as position size, direction, and entry time hidden from public view.
The launch builds on growing momentum for NEAR's confidential finance products. Confidential Intents crossed $70 million in total value locked on September 15, automatically triggering the first snapshot under the [email protected] incentive program. That snapshot allocated 333,333 milestone tokens to eligible participants, who must hold more than $100 in confidential balances and have an active swap history. The tokens remain locked until NEAR's three-day volume-weighted average price reaches at least $3.33, meaning the token's move above that level on September 18 does not by itself satisfy the unlock condition.
Price action and technical levels
NEAR traded as high as $3.50 during the latest move, climbing from below $2.80 over the past 24 hours. Trading volume rose sharply during the breakout, and the token gained nearly 30% against Bitcoin over the same period. On the 4-hour chart, NEAR broke through several Fibonacci extension levels in quick succession, moving above the 1.618 extension at $2.782, the 2.618 extension at $3.082, and the 3.618 level at $3.382. Price reached $3.572 during the latest 4-hour candle, almost exactly matching the 4.236 Fibonacci extension at $3.568.
The $3.568 area is the immediate level to watch. A 4-hour close above it could open room for NEAR to establish a new trading range above $3.57, with $3.60 becoming the next psychological level. Failure to hold above $3.382 would put the 2.618 extension at $3.082 back in focus, followed by $2.782.
Momentum and on-chain metrics
Momentum on the daily chart has become stretched after the rapid move. The relative strength index (RSI) has climbed to 88.44, well above the conventional overbought threshold of 70, while its moving average stands at 69.31. An RSI reading this high does not require an immediate price reversal, but it shows that the latest rise has pushed momentum far above its recent range. On the daily chart, NEAR has moved beyond the upper Bollinger Band at $3.144, with price near $3.50. The middle band sits at $2.347 and has started turning higher, while the lower band is around $1.549.
On-balance volume has risen to around 771.18 million, approaching the highs recorded during NEAR's late May price spike. The latest increase in OBV has occurred alongside a large expansion in daily trading volume, showing that the breakout has been accompanied by heavier buying activity.
Outlook and key levels
A move above $3.568 would confirm a break beyond the highest Fibonacci extension currently visible on the 4-hour chart. If price is rejected around $3.57 while the RSI remains above 80, $3.382 becomes the first level where buyers could try to hold the breakout. A loss of $3.382 would expose $3.082, while a move below that level would bring the $2.782 Fibonacci extension back into play.
Usage of the underlying Intents infrastructure has grown alongside the price move. NEAR's website reports more than $19 billion in cumulative Intents volume across more than 35 chains, while its revenue dashboard recorded around $5.01 million in gross fees and $1.58 million in net revenue over the past 30 days.
For broader context on recent crypto moves, see XLM's recent climb and Pi Network's breakout hopes.
This article is for informational purposes only and does not constitute financial advice.
