NEAR Protocol Slides 5% as Altcoin Season Abruptly Ends
The token traded within a volatile $0.28 range, peaking at $3.04 before slumping to an intraday low of $2.76. The sharpest selloff emerged during the July 23 13:00 hour as NEAR tumbled from $2.84 to $2.76, with trading volumes spiking to 14.19 million tokens—nearly five times its 24-hour average.
This dynamic established significant resistance at $2.84, suggesting traders will be watching that level for signs of reversal.
During a critical hour from 13:10 to 14:09 UTC, NEAR briefly stabilized after plunging 2.46% from $2.84 to $2.77, before recovering to $2.80.
Trading intensity peaked between 13:41 and 13:51 when over 850,000 units changed hands per minute, highlighting the fragility of support near $2.76.
While the rebound hints at a potential short-term consolidation, the wider altcoin market's softness raises questions about whether NEAR can sustain upward momentum.
Adding to the mix, NEAR Foundation's partnership with Everclear to develop cross-chain settlement infrastructure could act as a catalyst for renewed interest. Meanwhile, traders continue to eye the rise of narrative-driven projects such as MAGACOIN FINANCE, which has diverted speculative capital as NEAR contends with development delays heading into Q4 2025.
Technical Analysis
Price Action: NEAR fell 5.41% from $2.97 to $2.81 (July 22–23), with a trading range of $3.04 (high) to $2.76 (low).
Volume Spike: 14.19M tokens exchanged during peak selloff, far above the 2.89M daily average.
Resistance Level: $2.84 established as significant overhead resistance after multiple failed retests.
Support Level: $2.76 held as a key floor during high-volume volatility.
Altcoin Context: Broader market weakness weighs on NEAR's recovery prospects.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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