Key Highlights
- The NEAR token surged from approximately $1.80 at the start of September to exceed $5, marking a 183% monthly increase.
- On September 29, Bitwise introduced the inaugural U.S. spot NEAR ETF (ticker: NRR), which accumulated $58 million during its opening week.
- A Grayscale analysis emphasized NEAR’s focus on “agentic commerce,” enabling AI agents to independently execute payments and commission tasks.
- Current trading levels place NEAR around $5.19, with immediate support identified at $5.13 and resistance between $5.39-$5.44.
- The MyNearWallet platform will cease operations on October 31, directing users to alternative solutions including Meteor Wallet and near.com.
The NEAR Protocol token has delivered one of autumn’s most impressive cryptocurrency performances. Beginning September trading near the $1.80 level, the asset pushed beyond $5 as October arrived.
This upward movement translated into approximately 183% growth, based on figures referenced by Grayscale. The performance notably exceeded the wider AI-focused cryptocurrency segment, which registered 54% gains during the identical timeframe.
A substantial portion of the initial momentum originated in derivatives trading. Data from Santiment indicated that dollar-based open interest surged 119% during the period spanning September 13 through September 20.
Meanwhile, open interest calculated in NEAR tokens themselves expanded by just 21% within that same interval. This disparity indicates that leverage usage and token appreciation contributed more significantly than fresh position entries.
Funding rates elevated to approximately 1.6 times their two-month median level. Market participants have been monitoring chart patterns for indications of future direction.
Technical analyst Nebraskangooner identified an emerging pennant formation on NEAR’s chart, noting that traders should monitor this pennant pattern for the next significant directional move.
Spot market activity for NEAR also commenced on Hyperliquid during September 22-23. This development introduced direct NEAR/USDC pair trading alongside the platform’s existing perpetual contract market, where open interest approached $344 million.
The most significant development occurred September 29, when Bitwise unveiled America’s first spot NEAR exchange-traded fund. Trading on NYSE Arca under ticker symbol NRR, the fund carries a 0.75% annual management fee.
By October 6, the ETF had attracted approximately $58 million in assets during its inaugural week. Bitwise’s accompanying research established a $562.81 price projection for the year 2030.
AI Agent Infrastructure Shapes Investment Narrative
The investment case for NEAR increasingly emphasizes AI agent functionality over general blockchain applications. Grayscale characterized the network as an infrastructure for agentic commerce, enabling autonomous agents to commission work and execute payments independently.
The analysis highlighted NEAR’s chain abstraction capabilities, which enable agents to navigate multiple blockchains with reduced complexity. Additionally, co-founder Illia Polosukhin contributed to authoring the foundational Transformer architecture paper that underpins contemporary AI models.
On September 28, NEAR AI broadened its confidential-inference capabilities through an OpenRouter collaboration. Subsequently, NEAR One introduced SPICE, an architectural approach that decouples transaction execution from consensus mechanisms to enhance network scalability.
Market analyst Altcoin Sherpa expressed a more measured perspective, stating he would prefer to see additional consolidation over one to two weeks before another upward leg, emphasizing that NEAR’s trajectory remains heavily influenced by bitcoin’s movements.
User Base Navigates Wallet Transition
NEAR’s community confronts an operational change separate from price dynamics. MyNearWallet will discontinue service on October 31, with users redirected toward Meteor Wallet or near.com alternatives.
The transition process has included assisted migration tools since August, with feature restrictions beginning this month. User assets and staking arrangements remain secured on-chain throughout the changeover.
Trading activity has maintained momentum during this transition period. NEAR experienced a retreat to the $4.70-$4.80 range on October 5 before recovering to trade between $5.19 and $5.25 the following session.
Technical resistance is positioned near $5.39 to $5.44, while support maintains at $5.13. A decisive break above resistance could establish pathways toward $5.56 and subsequently $6.00.
The weekly Relative Strength Index for NEAR moderated to approximately 75 after approaching 85 in late September. The 50-day moving average is currently positioned near $2.90, well beneath today’s trading levels.
The post NEAR Protocol (NEAR) Soars 183% Following Bitwise ETF Debut and AI Agent Focus appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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