NEAR Protocol Experiences Significant Institutional Selling and Price Volatility
NEAR Protocol experienced significant price volatility on August 14, fluctuating between $2.78 and $3.05 before settling at $2.82. Key points include:
- Heavy institutional selling led to a drop from $3.05 resistance to $2.75 support, totaling nearly 20 million tokens.
- Despite the selloff, NEAR's fundamentals remain robust with 16 million active weekly users.
- In the hour post-selloff, NEAR gained 0.35% to $2.83, trading within a range of $2.81 to $2.85.
- Institutional buying helped the token breach short-term resistance at $2.83–$2.84, reaching session highs of $2.85.
- Trading volume decreased to approximately 100,000 tokens per minute, indicating accumulation rather than speculative activity, with support forming near $2.81–$2.82.
Market Performance Indicators
- Price volatility illustrated an 8.53% movement with a trading range of $0.26 between session high and low.
- Initial upward momentum was observed from $2.90 to $3.05, establishing resistance at $3.04-$3.05.
- Peak institutional selling occurred between 12:00-13:00 UTC, with volumes of 19.99 million and 12.22 million tokens.
- Daily trading activity surpassed the 24-hour average of 5.47 million tokens.
- Market price fell to $2.75 before recovering to $2.82 due to corporate buying interest.
- High-volume selling patterns indicate potential continued downside risk despite recent recovery attempts.
