NEAR Protocol Token Drops 8.29% Amid Iran-Israel Tensions

NEAR Protocol, a blockchain platform, witnessed a significant drop of 8.29% in its token value, falling from $2.387 to $2.189. This decline was driven by escalating tensions between Iran and Israel, which introduced volatility across the cryptocurrency market. The geopolitical uncertainty overshadowed the protocol's recent achievement of reaching 46 million monthly users, highlighting the crypto market's sensitivity to external events.

The token's price action formed a descending channel with resistance at $2.29 and support at $2.19. A notable volume spike occurred during the 22:00-00:00 hours when prices broke below the $2.30 support level, with trading volume exceeding 6.5 million in a single hour—nearly triple the 24-hour average. This high-volume selling pressure suggests further downside risk, despite a modest recovery from $2.189 indicating potential stabilization if buyers defend the current support.

In the last hour, NEAR showed significant volatility, rising from $2.200 to $2.218 before correcting to $2.199. A clear bullish channel formed between 13:05-13:35, gaining 8.5% with notable volume spikes. However, strong rejection at the $2.218 resistance level led to a rapid sell-off between 13:41-13:44. The sell-off volume exceeded 100,000 units, confirming the bearish reversal and establishing new support at $2.198, aligning with the lower boundary of the descending channel.

The recent hour-by-hour analysis of NEAR's price action reveals a brief formation of a bullish channel, gaining 8.5% before facing strong rejection at $2.218 resistance. This confirms the bearish sentiment in the market, driven by the geopolitical tensions in the Middle East. The volatility in NEAR's price underscores the broader market's reaction to external factors, which can overshadow the underlying growth and adoption of individual protocols, even as they continue to attract a significant user base.