NEAR Protocol's token dropped 13% over the past 24 hours to $1.99, a move that triggered a wave of whale accumulation despite ongoing selling pressure in the spot market. Smart money positions remain heavily long, with data showing 55.8% of active traders betting on a rebound.
Whale Activity Rises on the Dip
The sharp decline brought large holders into the market. On-chain data shows wallets classified as whales began scooping up NEAR as the price fell toward the $2 mark. The pattern is familiar: big buyers tend to step in after double-digit drops, betting the sell-off is overdone. Whether this accumulation is enough to stop the slide remains the open question.
Smart Money Stays Long Despite Selling
Though spot exchanges saw steady selling, derivative positions tell a different story. Smart money — tracked accounts that consistently beat the market — holds 55.8% long exposure. That tilt toward bullish bets suggests professional traders expect the dip to reverse. But the gap between spot weakness and futures optimism creates tension. If the selling continues, those longs could get squeezed.
Technical Path: Support Then Breakout
Technical analysts point to a near-term retest of the $1.75 support level. That area has held in previous pullbacks and could attract more buyers. If it does, the next move is a breakout to $2.50 — and the timeline is tight. Forecasts call for that rally to materialize within 14 days following the support test. The clock is ticking for NEAR to bounce or break lower.
