The NEAR Protocol (NEAR) saw sharp downside action on July 28 after hitting a key resistance level at $3.01, tumbling over 4% to $2.89. Elevated trading volumes and technical rejections indicate growing bearish momentum, potentially triggered by institutional distribution.
Price Action: Strong Sell-Off After Brief $3.01 Rally
Between 15:00 UTC on July 27 and 14:00 UTC on July 28, NEAR traded within a tight 5% range. After rallying from $2.90 to a session high of $3.01 by 09:00 UTC, the asset reversed sharply as sell-side volume accelerated. Data shows volume spiking to 3.10 million tokens, well above the 24-hour average of 2.35 million.
The most notable decline came during the 13:00 UTC hour, when NEAR plunged from $2.94 to $2.89 amid a massive 5.03 million token volume — more than twice the daily average, signaling strong selling pressure likely led by larger entities.
Technical Structure: Bearish Channel Forms
NEAR is now trading inside a descending channel with immediate resistance at $2.93 and support at $2.88. Multiple high-volume rejections were recorded at 13:21, 13:32, and 14:04 UTC, further validating the bearish trendline.
“This volume-heavy rejection from $3.01 suggests institutional offloading and a near-term shift in sentiment,” noted a CD Analytics chart review.
With negligible activity in the final 30 minutes of the session, the market appears to be entering a consolidation phase near $2.89. A breakdown below this level could expose $2.80–$2.84 as the next support zone.
Macro Outlook: NEAR’s Next Move Hinges on Bitcoin
Traders are now eyeing Bitcoin’s key $124,000 resistance. A breakout and successful BTC consolidation could trigger capital rotation into altcoins, potentially supporting a recovery for NEAR. However, failure to hold macro sentiment could drag NEAR deeper into correction territory.
Key Technical Summary
- Resistance: $3.01 (confirmed rejection); interim resistance: $2.93
- Support: $2.88 (current); next major support zone: $2.80–$2.84
- Volume Spike: 5.03M (2x daily average) during peak sell-off
- Market Sentiment: Bearish short-term; dependent on BTC macro setup
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.