NEAR Protocol’s token saw intense intraday volatility on August 5, tumbling 5% to $2.44 before staging a sharp recovery to $2.54. The trading session was marked by massive institutional volume spikes, likely in response to geopolitical uncertainty and risk rebalancing across digital assets.
NEAR Price Swings in $0.13 Range as Volatility Surges
NEAR traded within a tight 5% range between $2.44 and $2.57, reflecting a volatile session driven by institutional movements. The price fell abruptly from $2.48 to $2.44 at 07:00 UTC, accompanied by a massive 3.2 million token dump, signaling a strong wave of institutional selling.
This sharp drop was immediately followed by aggressive buyer defense, creating a potential short-term bottom at $2.44.
Technical Setup: Breakout Pattern Builds Above $2.52
Following the selloff, NEAR quickly rebounded and entered an ascending price channel, stabilizing around:
- Support at $2.52
- Resistance at $2.54
A final-hour breakout between 13:09 and 14:08 UTC saw the token gain 1%, signaling bullish short-term sentiment. During this phase, volume spiked over 100,000 tokens per minute, reinforcing the idea of institutional accumulation.
This type of concentrated activity is often a precursor to further upside momentum.
Market Context: Institutions React to Global Risk Sentiment
With global markets on edge due to escalating geopolitical tensions, digital assets like NEAR are experiencing tactical positioning by large players. The volume profile during NEAR’s recovery phase reflects hedging behavior in response to broader uncertainty.
If NEAR breaks and holds above $2.54, the next target lies near $2.58–$2.60.
Conclusion: Watch $2.52 Support and $2.54 Resistance
The $2.44 low now acts as a short-term bottom, while $2.52 serves as a pivot point for further gains. A close above $2.54 could trigger additional buying interest, but failure to hold current support may open the door for retests of earlier lows.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.