NEAR Crashes 20% as Bitcoin Roars Back—Altcoin Party Crashed by King Crypto
Just when altcoins thought they had their moment, Bitcoin flexed its dominance—and NEAR got caught in the crossfire. The Layer-1 darling plunged double-digits as capital rushed back to BTC, proving once again that crypto's 'alt season' narratives last about as long as a Wall Street promise.
Market whiplash hits NEAR holders
Traders who chased NEAR's recent rally got burned when Bitcoin's sudden surge triggered a sector-wide rotation. No fancy metrics needed here—when BTC wakes up, alts bleed. Classic crypto.
The great capital migration
With Bitcoin eating the market's lunch again, NEAR's smart contract ambitions took a backseat to raw store-of-value demand. The lesson? In crypto's jungle, BTC remains the apex predator—everything else is just prey cycling through hype phases.
As one exchange whale put it: 'Alts are just Bitcoin's leverage tokens—change my mind.'
Key Technical Indicators
- 24-Hour Price Action: Down 6% from $3.07 to $2.88; $0.21 trading range (~7% volatility).
- Resistance: Heavy-volume rejections at $3.05–$3.06.
- Support Levels: Temporary support at $2.87–$2.92, later broken.
- Volume: Exceeded 24-hour average of 3.89M; spikes of 267,564 and 296,686 units during key breakdowns.
- Final Hour Move: 2% drop from $2.95 to $2.89; extreme volatility and sharp selloffs.
- Critical Failures: Supports at $2.93 and $2.90 breached, setting new session lows.
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.
