Summary
TLDR: NEAR price surged by 38% to $5.64, causing over $2.23 million in short contracts to be liquidated. Positive indicators and increased adoption suggest further price increases, but a potential correction looms as the RSI shows overbought conditions. Bulls may need to maintain support at $5.60 to prevent a decline.
Key Points
1. NEAR price experienced a significant 38% rally in the last 24 hours, leaving a bullish crater on the daily chart and surprising bears who were expecting a decline.
2. The Open Interest-weighted Funding Rate for NEAR is currently positive, indicating a bullish sentiment in the market and potential for further price increases.
3. The total value locked (TVL) on the NEAR protocol increased by 22.5% within 24 hours, showing growth in adoption and demand alongside the price rally.