Bitcoin slid below $73,000 on May 28, dragging most altcoins into a bearish session as ETF outflows and geopolitical tensions weighed on sentiment. Among the hardest hit were NEAR Protocol, Injective, and Worldcoin, each showing double-digit daily losses.
NEAR Protocol tests support
NEAR Protocol dropped 7% on the day to trade at $2.35. Its market cap sits at $3.05 billion, good for 34th place. Daily volume fell 20.6%, signaling waning momentum during the broader market pullback. That steep decline doesn't erase a strong week or month — NEAR is still up 35.2% over seven days and 74% over the last 30 days. But the current correction has traders watching the $2.30–$2.36 support zone. A breakdown below that range could open the door to a $1.74 target. On the flip side, reclaiming $2.50 would signal renewed bullish momentum. One structural advantage: NEAR's market cap equals its fully diluted valuation, with all supply already in circulation. That eliminates any future dilution risk from token unlocks.
Injective outperforms despite drop
Injective fell 8% to $5.34, with a market cap of $533 million (rank 98). Volume was down 16.9%. But relative to the broader market, INJ held up better. The token has gained 48% over the past month and 7.8% this week — numbers that beat Bitcoin's performance during the same decline. Like NEAR, Injective has its full supply circulating, so no future dilution pressure. Key support sits at $4.80; losing that level would signal further weakness. A reclaim of $6 would indicate buyers are stepping back in.
Worldcoin's dilution overhang
Worldcoin took the hardest hit, plunging 19.7% to $0.2918. That's 97.5% below its all-time high of $11.74. The token is now just a few cents above its May 18 all-time low of $0.2303. Daily volume cratered 48.1%, pointing to rapidly fading buyer interest. The technical picture is contradictory: RSI sits at 77.6, technically overbought, even though the price is near rock-bottom levels. The bigger concern is dilution. Only 34% of Worldcoin's total supply is circulating, meaning future token unlocks will keep adding sell pressure. That ratio creates a persistent headwind unless demand picks up sharply. The next unlock schedule remains a key risk factor — and the price action suggests the market is already pricing in that overhang.
