NEAR Slides 4% After Hitting Resistance, Signaling Bearish Reversal

NEAR encounters pronounced reversal amid heightened trading volumes as institutional selling pressure materialises near critical technical thresholds.
EAR Protocol saw pronounced volatility over the 24-hour period from July 27 at 15:00 to July 28 at 14:00 UTC, fluctuating within a 5% range between $2.88 and $3.01. The token initially rallied from $2.90 to a high of $3.01 by 09:00 UTC on July 28, encountering firm resistance at that level. The price action was marked by strong upward momentum until institutional selling pressure emerged, indicated by a spike in trading volume to 3.10 million—well above the 24-hour average of 2.35 million.
This bullish run was short-lived, as NEAR reversed sharply during the 13:00 UTC trading hour, falling from $2.94 to $2.89 amid a staggering 5.03 million in trading volume. The magnitude of this sell-off—more than twice the daily average—points to possible institutional distribution and a marked shift in short-term market sentiment. The subsequent 60-minute window saw a continuation of this downtrend, with the token slipping from $2.93 to $2.89, forming a clear descending channel between $2.93 resistance and $2.88 support.
Multiple high-volume sell-offs throughout the final hour, especially at 13:21, 13:32, and 14:04 UTC, suggest persistent bearish momentum. Trading activity dropped sharply in the final minutes, hinting at short-term market exhaustion and potential sideways consolidation near the $2.89 level. With NEAR sitting at the lower end of its intraday range, traders may look to broader macro signals before determining the next move.
The direction of NEAR and other altcoins may ultimately hinge on whether Bitcoin can break above the psychological $124,000 resistance level and enter a phase of consolidation. A successful BTC breakout could trigger a capital rotation into altcoins, setting the stage for renewed upward momentum in assets like NEAR.
Technical Analysis Summary
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Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
https://www.coindesk.com/markets/2025/07/28/near-slides-4-after-hitting-resistance-signaling-bearish-reversal
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