NEAR Slides 5% as Altcoin Sell-Off Deepens; $2.84 Emerges as Key Resistance
NEAR Protocol (NEAR) dropped 5.41% over the last 24 hours, falling from $2.97 to $2.81 as risk appetite faded across the broader altcoin market. The move reflects continued uncertainty and rotation within the digital asset space, with traders taking profits and reassessing exposure.
NEAR briefly reached a high of $3.04 before reversing sharply to an intraday low of $2.76. The most aggressive leg of the decline came between 13:00 and 14:00 UTC on July 23, when volume surged to 14.19 million tokens — nearly five times the 24-hour average — triggering a fast drop from $2.84 to $2.76.
Technical resistance has now formed at $2.84 following repeated failed breakouts, while $2.76 is shaping up as a fragile support level amid elevated volatility. Volume intensity peaked during a 10-minute window from 13:41 to 13:51 UTC, with over 850,000 NEAR tokens traded per minute — a sign of heavy liquidation and speculative exits.
While NEAR managed to recover modestly to $2.80 by the end of the session, upside remains capped for now. Broader weakness in altcoins — especially as narrative-based tokens like MAGACOIN FINANCE attract capital — has weighed on investor confidence.
That said, the NEAR Foundation’s ongoing collaboration with Everclear on cross-chain settlement infrastructure could serve as a medium-term catalyst, particularly if sentiment stabilizes.
Technical Breakdown:
- Price Action: -5.41% from $2.97 to $2.81 (July 22–23)
- Range: High of $3.04, low of $2.76
- Volume Spike: 14.19M tokens traded during peak selloff
- Key Resistance: $2.84
- Key Support: $2.76
- Market Context: Rotation into new narratives, weak follow-through on breakouts
