NEAR Protocol's token has climbed over 80 percent in seven days, moving from approximately $2.20 to $4.20, following the launch of confidential perpetual futures on near.com.
The new derivatives offering allows traders to open positions without publicly linking those trades to their accounts. Hyperliquid, a purpose-built Layer 1 for on-chain perpetual futures, powers the feature, expanding NEAR's derivatives capabilities.
The asset currently trades at $3.606, reflecting a 4.17 percent daily decline. NEAR holds well above the key $2.827 resistance level, which it broke through after struggling for several weeks to surpass it. That breakout triggered a rally toward $3.914, nearing the $4 threshold before a retracement.
On-chain data from TradingView shows the On-Balance Volume indicator rising to 792.82 million, signaling the breakout has support from higher trading volumes and increased buying interest. The price remains considerably above the Bollinger Band's middle line at roughly $2.449, highlighting strong upward momentum in the short term.
A sustained move above $4 would reinforce NEAR's upward price structure. A correction could see the asset retest support near $2.827, with potential for further downside if those levels fail to hold.
Total Value Locked on the network reached $70 million during this period, according to DeFiLlama, as network activity climbed. The derivatives expansion coincides with heightened trading activity for NEAR.
