- NEAR dropped 17% amid heavy selling, whale activity, and weak market sentiment.
- Price rejected $3 resistance, sliding toward the critical $2.20 support zone under pressure.
- Traders exited positions as open interest fell and momentum weakened sharply.
NEAR Protocol opened the session under intense selling pressure, and momentum faded quickly as sellers took control across multiple timeframes. The token dropped nearly 17% within a few hours, erasing recent recovery attempts and pushing sentiment into a defensive stance. Traders reacted fast as volatility expanded across the altcoin market. Attention shifted even more after reports linked Arthur Hayes to large wallet movements, adding fuel to already fragile conditions.
What Triggered the 17% Drop?
The decline in NEAR came from a combination of market-wide weakness and rising uncertainty in leveraged trading. On-chain data highlighted wallet activity associated with Arthur Hayes, showing movement of 247,334 HYPE tokens valued near 18 million dollars, alongside undisclosed NEAR exposure. That timing alone triggered emotional reactions across trading desks, especially among short-term participants already sensitive to volatility.
At the same time, derivatives data confirmed a clear shift in positioning. Futures volume surged above $2.8 billion, reflecting heavy trading activity during the selloff. However, open interest fell more than 21% to roughly $543 million. That divergence often signals position unwinding rather than new capital entering the market, which usually points toward caution and reduced risk appetite.
Price structure also weakened at key technical levels. NEAR faced strong rejection near the $3.00 to $3.10 resistance zone after repeated attempts to build upward momentum. Sellers stepped in aggressively at that level and forced a rapid reversal back toward the $2.20 to $2.25 support area. That zone previously acted as a foundation for earlier rallies, so traders are now watching it closely again.
Where NEAR Protocol Price Heads Next
NEAR Protocol now trades inside a critical decision zone where both buyers and sellers are active. The $2.20 level has become the main battlefield, and price behavior around this area will likely shape the next major move. A clean breakdown below this support could expose deeper downside pressure toward the $1.80 to $1.60 range, where historical demand previously absorbed heavy selling.
On the other hand, buyers still have a chance to regain control if they defend current levels with strong volume. A bounce from this region could push NEAR toward $2.60, followed by another attempt to retest the $3.00 resistance zone. However, such a recovery would require a clear shift in sentiment and renewed confidence across the broader crypto market.
For now, conditions remain uncertain, and traders continue to treat this range as a high-risk zone. Volatility is likely to stay elevated as market participants react to every move around support. Direction will depend heavily on whether buyers can stabilize price or whether sellers extend control into deeper levels.
