NEAR Slides 6% as Bitcoin Strength Reverses Altcoin Gains
NEAR Protocol fell sharply on Monday, losing 6% amid renewed market pressure as capital rotated back into Bitcoin. The drop came despite elevated trading volumes and marks a reversal of last week’s altcoin-led optimism.
Over the 24-hour period ending 14:00 UTC on July 22, NEAR declined from $3.07 to $2.88, trading within a volatile $0.21 range—roughly 7% intraday. Bulls faced strong resistance at $3.05–$3.06, while support at $2.87–$2.92 failed to hold under persistent sell pressure.
The most notable weakness appeared in the final trading hour. NEAR slipped from $2.95 to $2.89 between 13:09 and 14:08 UTC. Large volume surges at 13:32 and 13:52 drove breakdowns below $2.93 and $2.90—key support levels that had previously held during the session.
Market Snapshot:
- 24-Hour Move: Down 6% from $3.07 to $2.88; $0.21 (~7%) range.
- Resistance: Firm rejection at $3.05–$3.06.
- Support Breach: $2.87–$2.92 range broke after multiple retests.
- Volume Activity: Exceeded 24-hour average of 3.89M, with key spikes at ~267K and ~297K units.
- Final Hour Drop: NEAR lost 2% amid heightened volatility.
- Breakdown Levels: Critical support at $2.93 and $2.90 gave way.
The move reflects a broader shift in sentiment as Bitcoin reclaims market leadership. With altcoin momentum fading, NEAR and similar tokens may remain under pressure unless fresh catalysts reignite interest.
