NEAR Targets $5 Following Jio Perpetuals Debut

Key takeaways

• NEAR ticked upward on Wednesday, building on a roughly 6% recovery from the previous day.
• Confidential perpetual contracts tied to Jio Platforms were unveiled by NEAR Intents ahead of the company’s planned listing.
• On Tuesday, Bitwise’s NEAR-centric ETF saw $4.84 million leave the fund, succeeding Monday’s $1.40 million in inflows.

NEAR extends recovery following Jio perpetuals launch

NEAR Protocol advanced on Wednesday, building upon the roughly 6% rebound seen a day earlier as market participants evaluated a fresh derivatives option alongside softer ETF activity.

On Tuesday, NEAR Intents rolled out confidential perpetual contracts linked to Jio Platforms, preceding the scheduled Wednesday market debut of the Reliance Group entity.

These derivatives provide price exposure to Jio ahead of its listing while maintaining trader privacy, though they do not grant direct ownership of the underlying equities.

This addition introduces another use case to the NEAR network, even though its ultimate impact on demand for the native NEAR asset is still unclear.

Data provided by SoSoValue shows that Bitwise’s NEAR-focused exchange-traded fund recorded $4.84 million in net outflows during Tuesday’s session.

This outflow came on the heels of $1.40 million in Monday inflows, culminating in a net withdrawal of approximately $3.44 million over the two-day period.

This shift halts a four-week streak of consecutive inflows. While it could point to profit-taking, fund flow metrics alone do not clarify investor intentions or signal whether the pattern will hold.

Additional redemptions would point to persistent weakness in ETF demand, whereas returning inflows would imply Tuesday’s contraction was temporary.

NEAR holds above its 50-Day Moving Average

In the provided market data, NEAR exchanged hands around $4.74, keeping it positioned above its 50-day Exponential Moving Average of $4.33.

This placement maintains a stable short-term technical profile despite the correction from the October 12 peak of $6.00. Positioned much lower at $2.89, the 200-day EMA continues to back the broader upward trend.

Nevertheless, NEAR stays underneath a downward-sloping trendline near $5.02, a resistance level buyers must clear to solidify the upturn.

A verified breakout could shift focus toward the September 27 high of $5.57. Until that happens, the psychological $5 mark and the nearby trendline remain hurdles.

Momentum metrics on the daily chart have yet to signal a definitive bullish transition. Hovering near 49, the Relative Strength Index sits right beside the neutral 50 threshold, reflecting an equilibrium between buying and selling forces.

Concurrently, the Moving Average Convergence Divergence line stays beneath its signal line with a downward slope, indicating that momentum remains subdued in spite of the recent bounce.

Looking downward, the initial floor rests near the September 25 low of $4.43, followed closely by the 50-day EMA at $4.33. Losing these marks could expose the September 19 peak around $3.91.

Sustaining support at these levels while recapturing $5.02 would offer stronger confirmation that the recovery is gaining momentum.