NEAR Protocol Plunges 9% as Volatility Spikes Despite User Growth

The NEAR Protocol token is navigating through a period of heightened volatility, showing a clear downtrend with strong resistance at $2.730 and support emerging at $2.445.

Recent price action indicates modest recovery from lows but remains below key resistance levels, suggesting continued bearish sentiment despite entering a slight consolidation phase.

This technical pressure comes at a time when NEAR's network fundamentals show remarkable growth, having surpassed Ethereum, Binance Chain, and Tron in monthly active users.

Technical analysis

• NEAR-USD dropped 8.6% from $2.696 to $2.492 over the analyzed period, showing clear downward pressure.
• Significant volume spikes occurred during key sell-offs at 17:00 on June 11 and 08:00 on June 12, both coinciding with price breakdowns.
• Strong resistance has formed at $2.730, while support emerged at $2.445 with high volume, suggesting potential stabilization.
• Recent hourly data shows a 0.7% recovery from a local bottom of $2.476, supported by volume spikes at 13:38, 13:54, and 14:01.
• Price formed an ascending channel with support at $2.481 and resistance at $2.495, though NEAR remains below key resistance levels.