NEAR Protocol faced a turbulent 24-hour period from July 22 to July 23, experiencing a 5.41% decline from $2.97 to $2.81. This drop reflected the broader weakness seen across the altcoin market. The token exhibited significant volatility, trading within a range of $0.28 and reaching a peak of $3.04 before plummeting to an intraday low of $2.76. The most drastic selloff occurred during the 13:00 hour on July 23, with NEAR dropping from $2.84 to $2.76 amidst a surge in trading volume to 14.19 million tokens—nearly five times its daily average.
The price action established a notable resistance level at $2.84, indicating that traders will closely monitor this level for any signs of a potential reversal. In a critical hour from 13:10 to 14:09 UTC, NEAR briefly stabilized after a 2.46% decline from $2.84 to $2.77, before bouncing back to $2.80. Trading activity peaked between 13:41 and 13:51, with over 850,000 units exchanging hands per minute, highlighting the fragile support around $2.76.
While the temporary rebound may suggest a short-term consolidation, the overall weakness in the altcoin market raises concerns about NEAR’s ability to sustain its upward momentum. On the bright side, the partnership between the NEAR Foundation and Everclear to develop cross-chain settlement infrastructure could serve as a catalyst for renewed interest in the project. However, the rise of narrative-driven projects like MAGACOIN FINANCE has diverted speculative capital away from NEAR, especially as the token faces development delays heading into Q4 2025.
In terms of technical analysis, NEAR experienced a 5.41% decline with a trading range of $3.04 to $2.76. The peak selloff saw 14.19 million tokens exchanged, significantly higher than the daily average of 2.89 million. $2.84 emerged as a key resistance level after multiple failed retests, while $2.76 held as crucial support during periods of high volatility. The broader weakness in the altcoin market continues to impact NEAR’s recovery prospects.
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[Image Source: NEAR/USD (TradingView)]