NEAR Protocol sees Gemini listing, price remains near $4.42 despite resistance at $4.65

The NEAR Protocol has secured listing on Gemini, a prominent U.S. cryptocurrency exchange, allowing for trading, deposits, and withdrawals of the native token. This announcement, detailed in an October 26 communication from NEAR Protocol, was greeted positively by NEAR co-founder Illia Polosukhin, who expressed excitement regarding the collaboration with Tyler and Cameron Winklevoss and Eric Kuhn of Gemini. While this new trading venue is available to qualifying U.S. clientele, the news has not yet spurred a sustained rise in the token's valuation.

The asset continues to face downward pressure, remaining beneath the resistance level situated between $4.60 and $4.65, leading to divided opinions among market participants regarding its subsequent trajectory. This integration with Gemini occurs while the blockchain is concurrently advancing its services related to artificial intelligence and its cross-chain transaction infrastructure. Polosukhin offered praise for the partnership, conveying his eagerness for further collaboration with the exchange's management team. The exchange has provided customers the capability to trade the native token and move their holdings via supported deposit and withdrawal mechanisms. However, the accessibility of this listing is contingent upon regional eligibility stipulations, and Gemini has not released figures concerning anticipated trading volumes or institutional allocations tied to the listing.

Previously, NEAR obtained another avenue for U.S. investment when Bitwise introduced its NEAR ETF on September 29. This NRR fund began trading on NYSE Arca, carrying a management fee of 0.75%, and has plans to stake a portion of its holdings, though its success hinges on future investor demand. This influx of institutional access aligns with the ongoing advancement of NEAR Intents, which constitutes the network's system for cross-chain transactions.

The network experienced a temporary operational halt on October 1 following an exploit; this vulnerability, involving the Omni deposit and withdrawal infrastructure, resulted in losses totaling around $3.8 million. Polosukhin confirmed that the vulnerability has been rectified and that affected users will receive compensation, asserting that the core NEAR blockchain and its native token were not compromised. At the time of reporting, NEAR was trading around $4.42, boasting a daily trading volume of approximately $500.6 million and a market capitalization approaching $5.79 billion. The token had experienced a 7.37% decrease over seven days and a 12.05% decline across the preceding month, yet it remains significantly higher than its valuation prior to the September surge. The trading range for the session spanned from $4.39 to $4.65, positioning NEAR near its daily low. The inability for the price to sustain itself above $4.60 suggests that buyers have not yet managed to overcome the resistance encountered during recent attempts at recovery.

The token had previously reached above $5 in October, a move supported by renewed ecosystem interest and the appointment of Mert Mumtaz, CEO of Helius, to the NEAR Foundation Council. Nevertheless, subsequent trading has pulled NEAR back into the lower segment of its recent price band. Crypto analyst Michaël van de Poppe identified the $4.60–$4.65 range as the immediate hurdle, observing that the most recent effort to regain that territory failed. He posited that a confirmed ascent beyond $4.65 would strengthen the prevailing setup, while persistent rejection might establish $3.95 and $3.40 as potential downside levels. For the token to regain attractiveness, it must breach the critical resistance point at $4.60.

Technical indicators suggest caution, as NEAR trades below the Keltner Channel midpoint at $4.776. The upper limit of this channel is situated near $5.664, while the lower boundary at $3.887 offers another reference point should the correction continue. The Aroon Oscillator has dropped to −21.429, indicating that bearish momentum has surpassed bullish impetus; however, this reading is still proximate to zero, suggesting the negative trend has not yet escalated into a strongly defined directional movement. Immediate support is located between $4.30 and $4.40, followed by $4.00 and the lower Keltner boundary near $3.89. A sustained rebound above $4.776 would enhance the technical structure and place $5.00 back within reach, with resistance extending toward $5.66. Analyst Giannis Andreou outlined a separate scenario on the weekly chart, predicting a possible pullback toward $3.21 before another push to reclaim the longer-term descending trendline, noting that $6 represents a significant area in that projection, with higher targets being conditional upon a successful breakout.

Regarding derivatives activity, the positioning remains considerable despite the recent price contraction. Data from CoinGlass shows NEAR futures open interest was close to $1.30 billion, reflecting a 0.39% decrease, while trading volume dropped by 14.14% to approximately $1.35 billion. Open interest had previously approached $1.9 billion during September's rally before receding as the token lost steam. This modest recent decrease implies only slight alterations in outstanding positions, although the data does not clarify whether participants are predominantly holding leveraged long or short positions. A further drop below $4.30 could potentially subject additional leveraged positions to losses, depending on specified liquidation levels and margin requirements. CoinGlass reported that total outstanding derivatives exposure remained around $1.30 billion even while NEAR traded well beneath its highs from September.

The sustained institutional interest, evidenced by the ETF launch and continued development of cross-chain infrastructure, suggests a maturing layer of market participation within the DeFi ecosystem.

Why it matters

The listing on a major exchange like Gemini signals increased institutional and retail access, which is key for DeFi asset adoption. However, the inability to break through resistance suggests current market sentiment is not yet translating listing news into sustained price recovery. Investors should watch if the network can overcome the $4.65 hurdle to signal a new trend.