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Following
NEAR 
ZEC NEAR Protocol (NEAR): Market selling pressure has increased, leading to a significant price drop.
Affected by the growing selling pressure in the cryptocurrency market, the price of NEAR Protocol (NEAR) has fallen by more than 12% in the past 24 hours. A large investor’s leveraged position worth up to $2.64 million has been liquidated, further exacerbating market concerns. Additionally, NEAR’s daily trading volume exceeded the $1.58 billion mark. Currently, investors are focusing on the key support level of $4.50. Analysts suggest that if this support level is breached, the downward trend could intensify.
Why has the price of NEAR dropped?
After experiencing a rise of about 12%, NEAR Protocol (NEAR) faced severe selling pressure. In the past 24 hours, the price of this coin fell by more than 12%, quickly erasing most of the gains it had made earlier. On-chain data shows that a large investor’s long position, which consisted of approximately 500,000 NEAR tokens, was completely liquidated. The total value of this position exceeded $2.64 million. Subsequently, the same investor opened short positions in Zcash (ZEC), indicating that the large investor’s outlook on the market may have changed.
It is worth noting that the decline in NEAR’s price was not solely caused by liquidations by large investors. Indicators from both the spot and futures markets also indicate increasing selling pressure. According to CryptoQuant data, the cumulative volume difference over the past three months has been dominated by selling orders. This suggests that aggressive selling orders have more influence in the market than buying orders. Additionally, retail investors have become more active in the spot market, especially after the NEAR price exceeded $4.50. Small investors are now participating more actively in market transactions.
A key support level for NEAR is $4.50.
Technical indicators show that NEAR remains under continuous selling pressure in the short term. Although the token is still moving upward, it has fallen close to important support levels in the past two days. The Chaikin Money Flow indicator, which measures capital flow, has dropped from 0.15 to -0.06, indicating that market capital flow has shifted from positive to negative. Meanwhile, net trading volume data shows that investors have sold more than 215,000 NEAR tokens.
Technically, $4.50 is a key support level. However, despite the sharp drop in NEAR’s price, data on spot ETFs shows a more positive trend. According to data released by SoSoValue, the daily net inflow into NEAR spot ETFs reached $3.98 million. The Bitwise NEAR ETF (NRR) reported a total net inflow of $75.38 million, which accounts for approximately 1.16% of NEAR’s market value. Positive capital flows into ETFs may indicate that institutional investors remain interested in NEAR. However, these inflows may not completely eliminate short-term selling pressure.
Summary and Outlook
With a daily decline of over 12%, along with the liquidation of positions worth $2.64 million, Near Protocol (NEAR) has become one of the most notable altcoins in the cryptocurrency market. The continuous increase in trading volume, negative capital flows, and widespread selling actions have had a negative impact on short-term price trends. In particular, if the support level of $4.50 is breached, the risk of NEAR’s price falling below $4 increases significantly. On the other hand, the continuous positive inflows from spot ETFs, along with the persistence of upward trends, provide support for potential market rebounds. It is expected that investors will continue to closely monitor key support levels and changes in market liquidity.
