Bitcoin’s Resurgence Sends NEAR Lower, Snapping Altcoin Momentum

NEAR Tumbles Below Key Support as Bitcoin Rally Ends Altcoin Momentum

NEAR Protocol saw renewed downside pressure Monday, plunging 6% as the broader crypto market rotated back into Bitcoin, bringing an abrupt halt to last week’s altcoin resurgence. Despite strong volume, the token failed to hold key technical levels, fueling bearish sentiment into the close.

Over the 24-hour window ending July 22 at 14:00 UTC, NEAR dropped from $3.07 to $2.88, carving out a volatile $0.21 trading range—roughly 7% intraday. Bulls struggled to gain traction, with multiple rejections at the $3.05–$3.06 resistance zone. Meanwhile, previously reliable support in the $2.87–$2.92 band unraveled under mounting sell pressure.

The final hour of trading was marked by heightened volatility and sharp declines. Between 13:09 and 14:08 UTC, NEAR fell from $2.95 to $2.89, with two significant volume spikes at 13:32 and 13:52 pushing the price through critical support at $2.93 and $2.90. These breakdowns cemented the bearish bias and raised questions about short-term stability for altcoins.

Technical Summary:

Daily Decline: 6% drop from $3.07 to $2.88; ~$0.21 range (~7% volatility).
Resistance Zone: Repeated rejections at $3.05–$3.06.
Failed Support: $2.87–$2.92 range gave way after multiple retests.
Volume Profile: Surpassed 24-hour average of 3.89M, with large bursts at 267K and 297K units.
Late-Session Selloff: NEAR fell 2% in the final hour; steep slide driven by aggressive selling.
Critical Breakdowns: Key levels at $2.93 and $2.90 decisively breached.

With Bitcoin regaining market dominance, NEAR’s latest drop signals a retreat from speculative altcoin bets. Unless fresh catalysts emerge, analysts warn that further downside could follow if current bearish momentum continues unchecked.