NEAR Protocol token NEAR dropped nearly 9% in the last 24 hours to trade around $1.67, and is down roughly 17% over the past week, joining a wider slide across the altcoin market that has hit several major Layer-1 tokens.
The fall pushed NEAR’s market cap down to $2.18 billion, while 24-hour trading volume jumped almost 79% to $181.83 million, showing that the decline was driven by active selling rather than a quiet market.
Traders using leverage were caught on the wrong side of the move. Total NEAR liquidations reached $4.57 million in the last 24 hours, with $4.54 million coming from long positions and just $26.14K from shorts, as per Coinglass data.
The heavy skew toward longs shows how strongly traders were positioned for a price rise before the sudden drop forced their positions to close at a loss.
Altcoin Sell-Off Drives the Decline
There is no bad news coming from the NEAR project itself, and the pressure is largely sector-wide. Investors have been pulling money out of higher-risk tokens and moving into Bitcoin, with Bitcoin dominance holding steady near 58.5%. NEAR is not alone in the drop, as Shiba Inu (SHIB), Polkadot (DOT), and Worldcoin (WLD) are also among the biggest losers on the day. The move fits into the broader altcoin weakness that has defined recent sessions.
The technical setup has also turned against the token. NEAR attempted to break out above $2.12 on July 21 but was rejected, and since then it has slipped below its 7-day moving average near $1.83 and its 30-day average near $1.91. Both levels have now flipped into resistance.
Adding to the pressure, spot volume on major exchanges dropped by 30% to 36% earlier in the week, while macro concerns around a possible US Federal Reserve rate hike and slower crypto fundraising in July continue to weigh on risk assets.
Key Price Levels to Watch
Zooming out, NEAR is down roughly 17% over the last seven days from about $2.02 on July 21, and more than 40% lower than its level a year ago. The token is currently trading below all its key short-term and medium-term moving averages.
The Relative Strength Index (RSI) on the 1-hour chart is currently at 29.12, showing that selling pressure is strong but the token is close to oversold territory. Immediate support lies in the $1.66 to $1.67 zone, followed by a stronger area between $1.60 and $1.65.
On the upside, NEAR would need to reclaim the $1.83 to $1.91 range to ease pressure, with the $2.00 to $2.12 zone marking the next major resistance.
Today’s fall reflects a market-wide shift away from altcoins, combined with a failed breakout and heavy long liquidations, rather than any issue with the project itself. Until Bitcoin dominance eases and broader risk appetite returns, higher-beta Layer-1 tokens like NEAR are likely to stay under pressure.
The $1.67-$1.68 swing low is the key level to watch in the coming sessions, with a hold above it opening the door to a possible bounce toward $1.84, and a break below risking a slide toward the $1.50 area.
Also Read: Hyperliquid (HYPE) Price Slides Nearly 8% as Altcoins Face Broader Pressure
