NEAR Protocol saw sharp intraday swings on Aug. 12, with prices climbing from $2.643 to $2.678 by 13:35 before reversing swiftly. The sell-off, concentrated between 13:38 and 13:49, erased most hourly gains as the token fell to $2.634 on heavy volume exceeding 200,000 tokens per minute. Profit-taking at the $2.675–$2.680 resistance level—identified in prior sessions—capped the rally, while the $2.630–$2.635 zone once again provided firm support. NEAR closed the hour at $2.644 after a low-volume rebound attempt.
Over the prior 24 hours, NEAR rebounded strongly from $2.57 support to touch $2.73, a 6% range that showcased aggressive buying interest. The move followed an initial dip from $2.68 to $2.58 before buyers regained control, sending prices back to $2.68 with exceptional turnover of 8.01 million tokens. Resistance around $2.68–$2.73 remains intact, with $2.57–$2.59 proving a reliable floor during repeated tests.
Institutional demand underpinned the rally, with $572 million in global inflows into digital asset investment products last week, including $10.1 million directed toward NEAR. The momentum came as U.S. policy shifts allowed digital assets in 401(k) retirement plans, sparking $1.57 billion in late-week inflows and boosting confidence across blockchain markets. Analysts view this as a pivotal moment for mainstream adoption, potentially broadening NEAR’s investor base.
Technically, NEAR’s chart shows a resilient recovery pattern supported by high-volume surges at key levels. Strong buying near $2.57–$2.59 repeatedly sparked sharp reversals, while the upper $2.68–$2.73 band continues to draw heavy selling pressure. With institutional flows accelerating and regulatory developments favoring crypto adoption, NEAR’s price action may remain volatile but underpinned by strengthening long-term support.
Technical indicators
- High-volume surge exceeding the 24-hour average of 2.73 million establishes formidable resistance around $2.68-$2.73.
- The $2.57-$2.59 zone has proven remarkably robust as support through multiple successful examinations and volume-backed reversals.
- The most significant bearish pressure materialized between 13:38 and 13:49, wherein NEAR plummeted from $2.67 to $2.63, effectively erasing virtually all hourly gains within an 11-minute timeframe accompanied by exceptionally elevated selling volume exceeding 200,000 tokens per minute.
- This volatile configuration suggests profit-taking activities at the $2.68-$2.68 resistance zone established during the antecedent 24-hour analysis.
- The $2.63-$2.64 level continues to furnish critical support, with the session concluding at $2.64 following a modest recovery attempt that lacked sufficient volume conviction.
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.
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