NEAR Drops Sharply Amid Bitcoin Strength, Cooling Broader Crypto Gains

NEAR Drops as Bitcoin Strength Signals End of Altcoin Upswing

NEAR Protocol came under heavy pressure Monday, sliding 6% as a surge in Bitcoin dominance drained momentum from altcoins. Despite elevated volumes, NEAR failed to hold key support levels, signaling a potential shift away from last week’s risk-on sentiment.

In the 24 hours leading up to 14:00 UTC on July 22, NEAR fell from $3.07 to $2.88, swinging within a $0.21 range—translating to about 7% intraday volatility. Attempts to push higher met stiff resistance at the $3.05–$3.06 zone, while support around $2.87–$2.92 eventually gave way after multiple tests.

Selling intensified in the final hour of trading. Between 13:09 and 14:08 UTC, NEAR declined from $2.95 to $2.89, with major volume surges at 13:32 and 13:52 driving breakdowns below $2.93 and $2.90. The back-to-back breaches locked in session lows and reinforced short-term bearish pressure.

Technical Overview:

• Daily Change: -6% ($3.07 → $2.88), within a 7% volatility range.
• Resistance: Heavy rejection at $3.05–$3.06 kept bulls sidelined.
• Support Breakdown: $2.87–$2.92 zone gave way under sustained pressure.
• Volume Profile: Above-average trading, with major spikes of 267K and 297K units during key breakdowns.
• Late-Session Move: NEAR lost 2% in final hour as selling escalated.
• Key Breaks: Support levels at $2.93 and $2.90 failed, forming new intraday lows.

The reversal highlights a broader market rotation, as traders move back into Bitcoin amid growing macro uncertainty. Without a fresh narrative or technical rebound, NEAR could remain vulnerable to deeper pullbacks in the sessions ahead.