Share this article
NEAR Protocol Slides 5% as Altcoin Season Abruptly Ends
NEAR’s sharp drop highlights broader fragility in crypto markets as traders brace for continued volatility.
Jul 23, 2025, 4:06 p.m.
Make us preferred on Google
What to know:
- NEAR Protocol fell 5.4% over 24 hours, breaching key support at $2.84 amid outsized volumes.
- Wider altcoin markets remained under pressure, with multiple tokens posting multi-week lows.
- Technical indicators suggest possible consolidation above $2.80 if buying momentum sustains.
NEAR Protocol endured a turbulent 24-hour stretch between July 22 15:00 and July 23 14:00, declining from $2.97 to $2.81 in a 5.41% move that underscored broader weakness across the altcoin complex.
The token traded within a volatile $0.28 range, peaking at $3.04 before slumping to an intraday low of $2.76. The sharpest selloff emerged during the July 23 13:00 hour as NEAR tumbled from $2.84 to $2.76, with trading volumes spiking to 14.19 million tokens—nearly five times its 24-hour average.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
This dynamic established significant resistance at $2.84, suggesting traders will be watching that level for signs of reversal.
During a critical hour from 13:10 to 14:09 UTC, NEAR briefly stabilized after plunging 2.46% from $2.84 to $2.77, before recovering to $2.80.
Trading intensity peaked between 13:41 and 13:51 when over 850,000 units changed hands per minute, highlighting the fragility of support near $2.76.
While the rebound hints at a potential short-term consolidation, the wider altcoin market’s softness raises questions about whether NEAR can sustain upward momentum.
Adding to the mix, NEAR Foundation’s partnership with Everclear to develop cross-chain settlement infrastructure could act as a catalyst for renewed interest. Meanwhile, traders continue to eye the rise of narrative-driven projects such as MAGACOIN FINANCE, which has diverted speculative capital as NEAR contends with development delays heading into Q4 2025.
Technical Analysis
- Price Action: NEAR fell 5.41% from $2.97 to $2.81 (July 22–23), with a trading range of $3.04 (high) to $2.76 (low).
- Volume Spike: 14.19M tokens exchanged during peak selloff, far above the 2.89M daily average.
- Resistance Level: $2.84 established as significant overhead resistance after multiple failed retests.
- Support Level: $2.76 held as a key floor during high-volume volatility.
- Altcoin Context: Broader market weakness weighs on NEAR’s recovery prospects.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Strive’s preferred equity blueprint for Strategy’s $8 billion convertible debt overhang
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
