Altcoin Rally Ends as NEAR Breaks Support Amid Market Volatility
NEAR Protocol faced heavy losses on July 22 as the broader market shifted focus back to Bitcoin’s recovery, ending the short-lived altcoin surge. The token declined 6% over 24 hours, falling from $3.07 to $2.88, as key support levels failed under intensified selling pressure.
The 24-hour trading range was $0.21 — nearly 7% in volatility — reflecting heightened uncertainty among investors.
Final-Hour Breakdown Highlights Bearish Momentum
In the final hour of trading, NEAR slid further from $2.95 to $2.89, cementing a clear shift in sentiment. Two sharp volume spikes at 13:32 and 13:52 UTC forced the price below critical support zones at $2.93 and $2.90, removing short-term bullish hope.
These breakdowns occurred despite overall volumes exceeding the 24-hour average of 3.89 million units — a sign that sellers overwhelmed buyers at key levels.
Bitcoin’s Dominance Reasserts Control Over Altcoin Market
NEAR’s decline coincides with Bitcoin’s renewed upward momentum, which has historically caused funds to flow out of altcoins. After briefly leading the market last week, NEAR’s inability to hold ground suggests that the altcoin rally may have been unsustainable in the face of Bitcoin’s dominance.
Heavy resistance was seen around $3.05–$3.06, where multiple bullish attempts were rejected throughout the day.
At the same time, support at $2.87–$2.92 failed to hold under multiple retests — a worrying signal for short-term bulls.
Volume activity: Two major spikes aligned with sell-offs
Final-hour move: 2% decline within 59 minutes
Outlook: NEAR Faces Downward Pressure
The failure to sustain momentum — despite above-average volume — hints at a continuing bearish trajectory unless broader crypto sentiment improves. With Bitcoin back in the spotlight, NEAR and other altcoins may face extended consolidation or further decline if current trends persist.
Unless buyers reclaim key levels above $2.95 quickly, NEAR remains vulnerable to deeper corrections.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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