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NEAR Protocol Sees Price Slump Despite Surpassing Ethereum in Monthly Users
NEAR Protocol’s native token (NEAR) slipped nearly 9% over the past 24 hours, even as the network posted a major milestone by becoming the second-largest Layer 1 blockchain by monthly active users, now exceeding 46 million.
Price action shows NEAR fell from $2.696 to $2.492, with volatility elevated and multiple failed attempts to break above $2.730 — a resistance level that’s proving difficult to clear.
Despite a brief rebound attempt from an intraday low of $2.476, momentum remains sluggish. Technical indicators point to ongoing bearish sentiment, with volume spikes during sell-offs on June 11 and 12 reinforcing downside pressure.
A support zone has emerged near $2.445, but unless bulls reclaim the $2.730 level, further weakness may follow. Notably, on-chain growth and user metrics continue to strengthen, hinting at potential divergence between network health and token performance.
