NEAR Protocol experienced significant downward pressure, declining 9.07% in the past 24 hours with a 7.06% increase in daily trading volume, according to Coinalyze data. The Open Interest decreased by 14.92% in a single day, indicating reduced market participation. The spot CVD has been in steady decline, and the funding rate has flipped negatively, pointing to short-term stress in the NEAR market and expectations of continued price drops.
On the 1-week chart, two bearish structural confirmations were identified when the price broke below a long-term swing low in 2025, keeping the downtrend intact. The $3.34 swing high represents the bullish target that buyers have been unable to break past, with previous attempts in May failing to climb above the $3 resistance level. The $2.80 level marks the 78.6% Fibonacci retracement level, where two weeks of repeated bullish efforts yielded no positive results.
The 4-hour chart indicates the downtrend is in a retracement phase, with the bounce toward $2.10 a week ago appearing to be the beginning of a pullback within the downtrend. According to the analysis, the $2.24-$2.38 Fibonacci golden pocket would have been an ideal area for sellers to regain control, but Bitcoin's rejection from just above $64,000 shifted broader market sentiment bearishly. The MFI remains at a neutral 45, showing neither bull nor bear dominance, while the CMF and OBV indicators suggest neither side currently controls the market.
Swing traders are advised to remain patient and wait for a bounce toward $2.40 before considering selling opportunities, as reported by the analysis. A move toward $2.38 would offer a better risk-to-reward trade setup than a bearish bet at current market prices. However, a drop below $1.72 would signal another bearish continuation and would require a revision of the golden pocket analysis. The $2 psychological level has emerged as a key supply zone to monitor for potential selling pressure.
