NEAR Protocol Slides 5% as Altcoin Season Abruptly Ends

NEAR Protocol endured a turbulent 24-hour stretch between July 22 15:00 and July 23 14:00, declining from $2.97 to $2.81 in a 5.41% move that underscored broader weakness across the altcoin complex.

The token traded within a volatile $0.28 range, peaking at $3.04 before slumping to an intraday low of $2.76. The sharpest selloff emerged during the July 23 13:00 hour as NEAR tumbled from $2.84 to $2.76, with trading volumes spiking to 14.19 million tokens—nearly five times its 24-hour average.

This dynamic established significant resistance at $2.84, suggesting traders will be watching that level for signs of reversal.

During a critical hour from 13:10 to 14:09 UTC, NEAR briefly stabilized after plunging 2.46% from $2.84 to $2.77, before recovering to $2.80.

Trading intensity peaked between 13:41 and 13:51 when over 850,000 units changed hands per minute, highlighting the fragility of support near $2.76.

While the rebound hints at a potential short-term consolidation, the wider altcoin market’s softness raises questions about whether NEAR can sustain upward momentum.

Adding to the mix, NEAR Foundation’s partnership with Everclear to develop cross-chain settlement infrastructure could act as a catalyst for renewed interest. Meanwhile, traders continue to eye the rise of narrative-driven projects such as MAGACOIN FINANCE, which has diverted speculative capital as NEAR contends with development delays heading into Q4 2025.

Technical Analysis

• Price Action: NEAR fell 5.41% from $2.97 to $2.81 (July 22–23), with a trading range of $3.04 (high) to $2.76 (low).
• Volume Spike: 14.19M tokens exchanged during peak selloff, far above the 2.89M daily average.
• Resistance Level: $2.84 established as significant overhead resistance after multiple failed retests.
• Support Level: $2.76 held as a key floor during high-volume volatility.
• Altcoin Context: Broader market weakness weighs on NEAR’s recovery prospects.

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