NEAR Slips Despite User Growth as Middle East Tensions Roil Crypto Markets

Growing geopolitical tensions between Iran and Israel have sent shockwaves across cryptocurrency markets, fueling sharp declines among several altcoins—including NEAR Protocol.

While NEAR Protocol recently celebrated a significant milestone, surpassing 46 million monthly users, its token price has struggled to hold ground amid the broader market turbulence. NEAR is currently trading at $2.11, down from an earlier high of $2.38, as investor sentiment remains rattled by geopolitical risks.

Technical Analysis Snapshot

• NEAR tumbled from $2.387 to $2.189, marking an 8.29% slide during the session.
• A sharp spike in trading volume occurred between 22:00–00:00 UTC, with hourly volumes surging past 6.5 million tokens—nearly triple the 24-hour average—as NEAR broke below the $2.30 support level.
• Price action carved out a descending channel, establishing resistance around $2.29 and support near $2.19.
• Consolidation has emerged around the channel’s lower edge, suggesting traders are probing for a potential base.
• Modest buying activity lifted prices slightly from $2.189, hinting at possible stabilization if current support holds.
• In the final hour of the analysis window, NEAR showed heightened volatility, climbing from $2.200 to $2.218 before retreating to $2.199.
• A bullish channel briefly formed between 13:05–13:35, delivering an 8.5% rally on notable volume surges.
• Strong resistance at $2.218 triggered swift selling between 13:41–13:44, with sell-side volume exceeding 100,000 tokens and confirming a bearish reversal.
• Fresh support has settled around $2.198, aligning with the lower boundary of the descending price channel.

Despite solid fundamental growth, NEAR remains vulnerable to further price swings if geopolitical uncertainty persists. Traders are watching whether the current support zone can hold or if fresh selling pressure could drive prices lower.