NEAR Falls 3% Amid Broad-Based Derivatives Sell-Off

NEAR Protocol Drops 3% as Institutional Sell-Off Breaks Key Support

NEAR Protocol declined 3% over the past 24 hours, falling from $2.84 to $2.75, as a late-session wave of institutional selling pushed the token below critical support levels.

Market Overview: Sideways Action Ends in Breakdown

For most of the July 28–29 trading session, NEAR consolidated within a tight range of $2.67 to $2.86, marking a 7% trading band. Resistance held firm around $2.83, where multiple rally attempts stalled, while modest buying interest emerged near $2.73–$2.75.

That sideways action unraveled in the final hour of trading on July 29. Between 13:06 and 14:05 UTC, NEAR dropped 2%, slipping from $2.78 to $2.73, driven by sharp sell pressure and above-average volume.

Key Technical Insights

• Range Bound: NEAR traded within a $0.18 band for most of the day.
• Resistance: Capped at $2.83, with repeated rejection at that level.
• Support Zone: Established near $2.73–$2.75, later broken.
• Volume Surge: More than 175,000 NEAR tokens traded between 13:50–13:52 UTC, highlighting the intensity of liquidation.
• Momentum Shift: Volatility dropped through most of the session before spiking as institutional selling accelerated.

The breakdown suggests bearish momentum may persist if buyers fail to reclaim support. Market observers are watching closely for signs of stabilization or further downside pressure.