NEAR Faces Sharp Correction Amid Market Volatility
The price of NEAR Protocol (NEAR) dropped by nearly 7% in the last 24 hours, erasing recent gains and sparking concerns among traders. At the time of writing, NEAR is trading around $2.51, down from a recent local high near $2.80, according to the latest price charts.
The 4-hour chart reveals a strong rejection from the $2.80 resistance zone, followed by a steep decline toward the $2.50 mark. The asset tested a critical support region between $2.40 and $2.35, marked by a high liquidity zone, before bouncing slightly.
Above the current price, the immediate resistance stands at $2.65, while a major supply zone remains around $3.10 – $3.20, which has historically acted as a strong barrier for bullish momentum. A break above this level could confirm a shift in trend.
On the downside, failure to hold $2.35 – $2.40 may open doors for a deeper pullback toward $2.20.
Market analysts warn that the current move might signal further weakness unless buyers regain control.
“The rejection from the $2.80 zone indicates sellers are still dominant. NEAR must close above $2.65 on higher volume to confirm a recovery,”According to BITX .
The recent drop was accompanied by a surge in selling volume, signaling that traders are locking in profits after a strong rally in previous weeks. The price pattern also shows a breakdown from the rising channel, adding pressure on bullish traders.
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.