NEAR Protocol Slides 5% as Altcoin Season Abruptly Ends
0NEAR’s sharp drop highlights broader fragility in crypto markets as traders brace for continued volatility.
NEAR Protocol endured a turbulent 24-hour stretch between July 22 15:00 and July 23 14:00, declining from $2.97 to $2.81 in a 5.41% move that underscored broader weakness across the altcoin complex.
The token traded within a volatile $0.28 range, peaking at $3.04 before slumping to an intraday low of $2.76. The sharpest selloff emerged during the July 23 13:00 hour as NEAR tumbled from $2.84 to $2.76, with trading volumes spiking to 14.19 million tokens—nearly five times its 24-hour average.
This dynamic established significant resistance at $2.84, suggesting traders will be watching that level for signs of reversal.
During a critical hour from 13:10 to 14:09 UTC, NEAR briefly stabilized after plunging 2.46% from $2.84 to $2.77, before recovering to $2.80.
Trading intensity peaked between 13:41 and 13:51 when over 850,000 units changed hands per minute, highlighting the fragility of support near $2.76.
While the rebound hints at a potential short-term consolidation, the wider altcoin market’s softness raises questions about whether NEAR can sustain upward momentum.
Adding to the mix, NEAR Foundation’s partnership with Everclear to develop cross-chain settlement infrastructure could act as a catalyst for renewed interest. Meanwhile, traders continue to eye the rise of narrative-driven projects such as MAGACOIN FINANCE, which has diverted speculative capital as NEAR contends with development delays heading into Q4 2025.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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.
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
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https://www.coindesk.com/markets/2025/07/23/near-protocol-slides-5-as-altcoin-season-abruptly-ends
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