NEAR Slumps as Bitcoin Regains Strength, Ending Altcoin Surge

NEAR Protocol slid sharply on Monday as intense selling pressure gripped the market, with the token breaking critical support levels despite surging trading volumes. The retreat comes as Bitcoin shows renewed strength, overshadowing last week’s “altcoin season” that saw smaller tokens briefly outperform the leading cryptocurrency.

During the 24-hour period ending 22 July 14:00 UTC, NEAR fell 6% from $3.07 to $2.88, trading within a volatile $0.21 range. Heavy resistance around $3.05–$3.06 thwarted bullish attempts, while temporary support near $2.87–$2.92 failed under repeated retests.

The decline accelerated in the final hour of trading, as NEAR slipped from $2.95 to $2.89 between 13:09 and 14:08 UTC. Massive volume spikes at 13:32 and 13:52 pushed through critical support levels at $2.93 and $2.90, cementing a bearish momentum that is raising questions about the sustainability of recent altcoin gains.

NEAR/USD (TradingView)

Key Technical Indicators

• 24-Hour Price Action: Down 6% from $3.07 to $2.88; $0.21 trading range (~7% volatility).
• Resistance: Heavy-volume rejections at $3.05–$3.06.
• Support Levels: Temporary support at $2.87–$2.92, later broken.
• Volume: Exceeded 24-hour average of 3.89M; spikes of 267,564 and 296,686 units during key breakdowns.
• Final Hour Move: 2% drop from $2.95 to $2.89; extreme volatility and sharp selloffs.
• Critical Failures: Supports at $2.93 and $2.90 breached, setting new session lows.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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