Heavy selling pushes NEAR below $3, but key support holds amid renewed buying interest
NEAR Protocol (NEAR/USDT) experienced intense volatility in recent sessions, sliding from resistance near $3.05 to intraday lows around $2.75, as high-volume institutional selling dominated market flows. Trading data shows that during the sharp decline, an estimated 20 million NEAR tokens changed hands, signaling aggressive liquidation from large holders.
The sell-off began shortly after NEAR approached a major supply zone between $3.00 and $3.10, an area that had previously triggered profit-taking in late July. Price action broke below a short-term ascending channel, amplifying downside momentum.
“When you see a confluence of resistance and profit-taking volume spikes, the odds of a pullback increase significantly,”According to BITX market analyst.
Technical Support Levels in Focus
Despite the selling pressure, NEAR found strong buying interest near the $2.74–$2.78 demand zone, marked by a horizontal green support band on the 4-hour chart. This area had previously acted as a launchpad for late-July rallies.
Volume analysis shows that as prices approached support, buy-side activity increased, indicating that short-term traders and possibly algorithmic bids stepped in to absorb the sell orders.
The next lower support remains in the $2.35–$2.40 region, where price consolidated earlier this month. A break below this level could trigger a deeper retracement, while holding above current support opens the door for a retest of the $3.00 barrier.
With NEAR now trading around $2.78, the immediate technical structure suggests a range-bound movement between the $2.75 support and $3.05 resistance unless a decisive breakout occurs.
For now, traders will be watching volume patterns and how NEAR behaves around these pivot zones, as institutional flows remain a driving factor in short-term price direction.
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.