In a dramatic turn of events, NEAR Protocol’s token took a 4% nosedive after rallying to an intraday high, signaling a potential bearish reversal. The cryptocurrency, which traded between $2.88 and $3.01 over a volatile 24-hour period ending July 28, 2025, encountered robust resistance at the $3.01 mark, only to falter under heavy selling pressure.
A Rollercoaster Day for NEAR
The day began on a hopeful note for NEAR, as the token climbed to $3.01 by 09:00 UTC on July 28, buoyed by a surge in trading volume to 3.10 million—significantly higher than its 24-hour average of 2.35 million. However, this upward momentum was abruptly curtailed when institutional investors seemingly decided to cash in, triggering a sharp reversal. As the clock struck 13:00 UTC, NEAR plummeted to $2.89 amid a staggering 5.03 million in trading volume, more than twice the daily norm.
“The abrupt shift in sentiment suggests that larger market players are pulling back, possibly in anticipation of broader market corrections,” said crypto analyst Laura Mitchell. “This isn’t just a blip; it’s a signal that the market is recalibrating its expectations.”
The Anatomy of a Downtrend
As the day wore on, NEAR solidified its position in a descending channel, fluctuating between resistance at $2.93 and support at $2.88. High-volume sell-offs, notably at 13:21, 13:32, and 14:04 UTC, underscored persistent bearish pressure. Market exhaustion became evident when trading activity dwindled in the final minutes, suggesting that traders might be awaiting broader macroeconomic cues before making their next move. This mirrors recent trends where SUI Token Drops Nearly 6% After Brief Spike, highlighting the impact of external economic factors on crypto markets.
“Volume spikes like these are typically indicative of institutional distribution,” commented Ben Carter, a well-known figure in the crypto trading community. “The market seems to be in a wait-and-see mode, potentially gearing up for sideways consolidation in the near term.”
Broader Market Implications
The fate of NEAR and other altcoins could well depend on Bitcoin’s performance in the coming weeks. Should Bitcoin break through its psychological $124,000 resistance level and stabilize, we might witness a capital rotation into altcoins, which could reignite upward momentum for assets like NEAR. However, such a scenario remains speculative at this point. As explored in our recent coverage of the Crypto Market Is in The Early Stages of Altcoin Season, this potential shift could signal a broader trend in the market.
Reflecting on the current scenario, Mitchell remarked, “While the immediate outlook for NEAR appears bearish, it’s essential to consider the broader market dynamics. Bitcoin’s trajectory will be a key determinant of altcoin performance in the months ahead.”
This recent episode in NEAR’s trading story raises questions about the sustainability of its current levels and whether this downturn marks the beginning of a more extended bearish phase. As the market digests these developments, traders and analysts alike will be closely monitoring Bitcoin’s movements, which could set the tone for the altcoin landscape in 2025.
In the meantime, NEAR’s supporters and skeptics alike will be keeping a watchful eye on the charts, waiting to see what the next chapter holds for this resilient, yet unpredictable, cryptocurrency.
Source
This article is based on: NEAR Slides 4% After Hitting Resistance, Signaling Bearish Reversal
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
