Near Protocol [NEAR] fell more than 12% over the past 24 hours, erasing gains from the previous day as a broader market decline affected cryptocurrency prices. Bitcoin and Ethereum also stagnated at $83.50K and $2.50K respectively.
Daily trading volume for NEAR exceeded $1.58 billion during the decline, with the token trading above the $5 mark as of the time of reporting.
Liquidation and Market Pressure
A major whale was fully liquidated on a long position of 500,000 NEAR tokens, resulting in losses exceeding $2.64 million. Following the liquidation, the whale began shorting Zcash [ZEC], suggesting a shift in market sentiment.
Technical analysis showed that spot and futures taker Capital Volume Delta (CVD) flipped bearish over the past week after remaining positive for three months. Retail investors contributed significantly to the selling pressure, with increased retail trading frequency coinciding with the price decline near the $4.50 level.
Price Structure and Support Levels
NEAR was trading within a rising trend channel with reduced buying pressure evident in the channel's gentle inclination. The altcoin has broken key levels to the downside over the past two days, approaching the $4.50 support level.
Capital outflows intensified as the Chaikin Money Flow fell from 0.15 to -0.06, with traders selling over 215,000 NEAR tokens. A break below the $4.50 support could push the price toward levels below $4.
Despite the decline, bulls defended the slanting support line ranging from $3.885 to $4.838. The Bitwise NEAR ETF [NRR] recorded positive daily inflows of $3.98 million, reaching a cumulative value of $75.38 million, representing 1.16% of the altcoin's market capitalization.
