NEAR Falls 4% as Price Reverses at Resistance, Hinting at Downtrend Formation

NEAR Slides After Resistance Rejection as Institutional Selling Accelerates

NEAR Protocol faced a sharp intraday reversal on July 28, as the token retreated from session highs under heavy selling pressure—signaling a potential bearish shift in short-term market sentiment.

Over the 24-hour period from July 27 at 15:00 UTC to July 28 at 14:00 UTC, NEAR traded within a 5% range between $2.88 and $3.01. After rallying from $2.90 to a peak of $3.01 by 09:00 UTC, the token encountered firm resistance, triggering a spike in trading volume to 3.10 million—well above the 24-hour average of 2.35 million. The price surge was quickly met with institutional selling, halting further upside.

The reversal gained momentum during the 13:00 UTC trading hour, with NEAR plunging from $2.94 to $2.89 as volume soared to 5.03 million—more than twice the daily average. The severity of this drop suggests significant distribution activity and a growing bearish bias. The selloff continued over the next hour, with NEAR declining from $2.93 to $2.89, forming a descending channel between $2.93 resistance and $2.88 support.

Heavy intra-hour selloffs, notably at 13:21, 13:32, and 14:04 UTC, reflected persistent downside pressure. However, the final minutes of the session saw a steep drop in volume, indicating potential short-term exhaustion and the likelihood of sideways consolidation around the $2.89 level.

Traders are now closely watching Bitcoin, whose ability to break through the key $124,000 resistance level could influence broader altcoin sentiment. A confirmed BTC breakout and consolidation could drive renewed inflows into assets like NEAR.

Technical Overview:

Resistance Zone: $3.01 rejected on high volume
Volume Spike: 3.10M during the rally, far above the 2.35M daily average
Reversal Move: $2.94 to $2.89 on 5.03M volume—more than double average
Trend Formation: Descending channel between $2.93 and $2.88
Bearish Triggers: Large sell orders at 13:21, 13:32, and 14:04 UTC
Market Exhaustion: Final minutes saw volume dry up, pointing to near-term consolidation

With NEAR sitting at the lower end of its intraday range and sellers in control, the token’s next move may hinge on broader macro developments and Bitcoin’s performance at key technical levels.