NEAR Protocol is at a critical technical juncture after a sharp sell-off linked to broader cryptocurrency market weakness. The token dropped nearly 10% within 24 hours as Bitcoin's decline below $80,000 intensified selling pressure across the market. A subsequent report noted NEAR slid a further 3%, leaving leveraged positions under growing strain.
Derivatives data highlights weakening trader conviction. According to Santiment, NEAR's Open Interest fell to $807.46 million, signaling a reduction in leveraged exposure. Funding Rate declined to 0.003%, reflecting reduced demand for leveraged long positions or a shift toward more cautious strategies. With open interest approaching $1 billion across derivatives platforms, long liquidations are adding to concerns about another support breakdown.
The key range to watch is $4.3–$4.6, a demand zone that previously supported several recoveries. NEAR has already lost its 20-day and 50-day exponential moving averages, strengthening the bearish case. A successful defense could stabilize price and allow recovery if Bitcoin and broader market conditions improve. However, a decisive daily close below $4.3 would invalidate the support structure and expose NEAR to deeper losses.
