Trader Commentary Style: Market Sentiment and Positioning Focused
NEAR Slides as Traders Fade Bounce — Usage Soars but Price Lags
NEAR Protocol (NEAR) is trading heavy, down 8.6% from recent highs, as macro jitters and profit-taking offset the impressive rise in network activity.
The token briefly rallied to $2.696 but was met with aggressive selling, pushing it back to $2.492 by the session’s end. Multiple rejections at $2.730 have established firm resistance, while short-term support is now building at $2.445, where high-volume bids have stepped in.
Interestingly, NEAR just became the #2 L1 blockchain by monthly active users, overtaking Ethereum, BNB Chain, and Tron — a fundamental data point that contrasts sharply with its near-term price action.
A narrow ascending channel has formed between $2.481–$2.495, but it may take a break above $2.730 to flip the trend. Until then, momentum traders are eyeing a potential retest of the $2.45–$2.47 support zone if broader market weakness persists.
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