The NEAR token crashed 15.85% in a single session, dropping to $2.40. The sharp move caught overleveraged bulls off guard, triggering a wave of forced liquidations that deepened the selloff.
Leverage liquidation cascade
Many traders had piled into long positions using borrowed funds, betting on continued upside. When the price started falling, those positions quickly became underwater. Margin calls forced automated closings, which added more selling pressure and pushed NEAR even lower. The cascade left little room for a rebound as the token slid through key price levels.
Technical outlook points lower
Chart patterns now suggest the downtrend isn't finished. Technical analysis from market data indicates NEAR could continue falling to the $1.91 support zone before any meaningful relief arrives. That level represents a major test for the token. If it holds, buyers may step in; if it breaks, further losses are likely.
The aggressive liquidation event has cleared much of the speculative long interest, potentially setting up a more stable base. But with momentum still to the downside, the immediate path of least resistance remains lower.
The next big question is whether $1.91 will hold. Traders are watching that level closely as the likely stopping point before the market finds its footing.
