NEAR token fell 7.8% in a single session to $1.99, slicing through its 50-day moving average. Aggressive taker selling and rising open interest point to growing bearish conviction among traders.
Technical breakdown: support levels in focus
The drop leaves NEAR trading near a critical support zone at $1.85. Analysts warn that a break below that level could open the door to further declines, with the next downside target around $1.54. The price action reflects a shift in momentum, as sellers have dominated recent trading sessions.
Market signals point to sustained selling pressure
Open interest has increased alongside the price decline, a combination that typically indicates new short positions being established. Taker selling volume has also been aggressive, suggesting that market participants are actively betting against NEAR in the near term. The breakdown of the 50-day moving average, a widely watched technical indicator, adds to the bearish case.
What traders are watching next
The immediate question is whether NEAR can hold the $1.85 support. If it does, a bounce could relieve some of the selling pressure. If not, the path to $1.54 becomes more likely. Market observers cited a 60% probability for a specific scenario, though the details were not fully disclosed in the available data. Traders are advised to monitor volume and price action around the $1.85 level for clues. The next few sessions will be critical as NEAR tests this key floor.
