NEAR Protocol’s native token, NEAR, fell 10.7% on Tuesday in 24 hours as traders seemingly sold their holdings following a recent price rally.
According to data from CoinGecko (on October 13 at 14:49 UTC), NEAR was trading at around $5, bringing its market value to approximately $6.56 billion. Its 24-hour trading volume stood at about $1.2 billion.
The decline also coincided with a shift in futures market activity, where traders buy and sell contracts based on expected price movements. According to data from CoinGlass (at 14:49 UTC), NEAR’s open interest dropped 16.52% to $1.54 billion over 24 hours, while futures trading volume increased 3.52% to $3.65 billion. The figures show that futures trading activity remained elevated even as the token’s price declined.
NEAR faces selling pressure near $5
Crypto analyst Crypto With Gopal said NEAR faced strong selling pressure after being rejected near the $6 level. In an X post, the analyst said the token was trading around $5.09 and testing support near $4.89.
According to the analyst, NEAR could attempt a recovery toward $5.54 if it moves back above $5.22. However, a fall below $4.89 could expose the token to further losses. The analyst described the short-term market direction as bearish, pointing to continued selling pressure.
Meanwhile, another analyst, TMA | The Money Ape, shared a different outlook in an October 12 post on X. The analyst said NEAR had broken above a resistance line that had held for four years, adding that a second monthly close above the level would confirm the breakout.
The post also pointed to the Bitwise NEAR exchange-traded fund (ETF), Robinhood chain integration, a proposed reduction in token issuance, and quantum-resistant technology as developments that could support the token.
NEAR rallied before the latest decline
According to data from TradingView (on October 13 at 14:49 UTC), NEAR gained around 16% over the weekend before the pullback. On October 10, the token surged as much as 11%, reaching $5.42 on the Binance chart before retreating to around $5.15 on the same day.
Several developments accompanied the rally. NEAR Intents, a cross-chain feature that routes transactions between blockchains based on users’ intended outcomes, recorded more than $31 billion to $33 billion in cumulative cross-chain volume across over 30 chains. Its September swap volume reached $4.8 billion, up 72.9% from the previous month.
Bitwise launched a US spot NEAR ETF under the ticker NRR on September 29, 2026. The fund attracted nearly $58 million in inflows during its first week.
Meanwhile, a governance proposal to reduce maximum annual token issuance from 2.5% to 1.6% over 24 months remains under consideration.
NEAR recovers $3.8 million lost in exploit
NEAR also faced a $3.8 million exploit in early October. General Manager Alex Shevchenko said the funds had been returned in full before his October 4 deadline.
Co-founder Illia Polosukhin said the team identified the party responsible within 24 hours, using SHIELD, an AI security layer, alongside investigative work. He later confirmed that the funds had been recovered and the investigation closed.
With NEAR trading around $5, traders are watching whether the token can reclaim the $5.22 level or fall below the $4.89 support identified by Crypto With Gopal.
A move above $5.22 could open the way toward $5.54, while a break below $4.89 could expose the token to further losses, according to the analyst. The next price movements will indicate whether buyers return after the latest decline or selling pressure persists.
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