NEAR Protocol, one of the leading layer-1 blockchain platforms, recorded a 3% drop in price over the past 24 hours, slipping from $2.84 to $2.75. The move marks a significant shift from its recent consolidation range and reflects weakening investor sentiment amid elevated selling pressure.
NEAR Breaks Out of Tight Consolidation Band
For most of the trading day, NEAR remained tightly confined within a narrow range of $2.67 to $2.86, a $0.18 bandwidth that reflected market indecision. This sideways price action spanned from 28 July 15:00 to 29 July 14:00, during which NEAR appeared to be forming a base.
The narrow 7% trading range hinted at reduced volatility, but a late-session sell-off reversed the structure decisively.
Terminal-Hour Liquidation Accelerates Sell-Off
A sharp liquidation event occurred in the final trading hour, with NEAR falling rapidly from $2.78 to $2.73, a 2% drop. This move was triggered by over 175,000 transactions, indicating a cascade of forced liquidations across leveraged positions.
Such concentrated sell pressure signals a lack of buyer support at critical levels, increasing the probability of further downside.
Immediate resistance stands at $2.83, the upper threshold of the former consolidation range.
Support levels now form between $2.73 and $2.75, though these may not hold under continued liquidation stress.
The breakdown through support confirms a bearish transition, with momentum favoring short-term sellers.
Reduced Volatility Gives Way to Bearish Momentum
While NEAR initially traded with low volatility, the final-hour action revealed latent downside risk. The breach through consolidation support underscores fragility in the current market structure and suggests increasing caution among investors.
Sentiment Weakens as Support Levels Falter
As liquidation pressures mount and macro uncertainty persists, NEAR Protocol may face continued headwinds. Short-term recovery depends on the asset regaining support above $2.75 and stabilizing volume flows.
Until then, bearish pressure remains dominant, and traders should remain alert to further volatility spikes.
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.
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