Technical Outlook and Pullback Levels
Reviewing NEAR Protocol charts, van de Poppe pointed out that the narrative is slowing down and a bearish divergence had signaled short-term overheating. Comparing the asset's position to traditional investments like Bitcoin or gold, he emphasized that assets do not move upward in a straight line.
To navigate the potential pullback, van de Poppe outlined three specific price levels:
- $4.30 to $4.35: A range targeted for bounce plays or day trades.
- $3.90: The first real area to add back to his portfolio.
- $3.40: A level where he plans to definitely scale in, noting that such a correction remains normal.
At the time of writing, NEAR Protocol is trading at $4.82, reflecting a 2.96% increase over the past 24 hours and a 0.64% decline over the past seven days, with a trading volume of $445,081,271 according to CoinGecko. The token previously slipped to around $4.73 from September peaks above $5.50, which followed a 183% monthly surge driven by artificial intelligence hype and a minor security issue involving NEAR Intents that was quickly resolved.
Bitwise NEAR ETF Inflows
The market correction discussions coincide with activity surrounding the Bitwise NEAR ETF (NRR), which launched on NYSE Arca on September 29. The fund drew $35.5 million on its first day, followed by $13.2 million on the second day and approximately $9 million on the third day.
Amid the price dip and ongoing inflows, Bitwise CEO Hunter Horsley personally purchased shares in the fund, signaling confidence in NEAR Protocol's role within AI infrastructure. Traders are currently monitoring support between $4.30 and $4.60 as a potential healthy retest of the breakout zone.
