BREAKING: NEAR Protocol Crashes 12% After $2.64 Million Whale Liquidation — $4.50 Support Now in Danger
NEAR Protocol has suffered a sharp reversal, falling more than 12% in the last 24 hours and wiping out almost all of the gains it made the day before. The sell-off came while Bitcoin stayed flat near $83,500 and Ethereum held around $2,500, so NEAR's drop stood out as one of the weakest moves among the big altcoins.
The trigger was a huge leveraged bet gone wrong. One whale was fully liquidated on a long position of about 500,000 NEAR tokens, losing more than $2.64 million. The same whale has now opened a short position in Zcash, a sign that this big trader has turned bearish after being forced out. Daily trading volume in NEAR has passed $1.58 billion, showing how heavy the selling has been.
Market data also points to growing pressure from smaller traders. Buying activity surged after NEAR rose above $4.50, which often means retail buyers were chasing the top, and money-flow readings have since turned negative as sellers take control. Spot and futures selling pressure has been building for the past week, keeping NEAR trapped inside its recent trading channel.
For traders, the key level is now $4.50. NEAR is still trading above $5, and bulls are defending a rising support zone, helped a little by steady money entering the Bitwise NEAR ETF, which has collected about $75 million in total. But if $4.50 breaks clearly, traders warn the price could slide toward levels below $4 very quickly.
The next few hours will show whether this was just a hard correction after a fast rally, or the start of a deeper fall. After rising about 12% one day and falling about 12% the next, NEAR is one of the most volatile big coins in the market right now, and leveraged traders should expect more sharp swings.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: AMBCrypto, Crypto.news, Pluang
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