NEAR’s Rally in Doubt as Mixed Sentiment Sparks Uncertainty – What’s Next?

"NEAR's Rally in Question Amid Mixed Sentiment – What's Next?"

Near Protocol (NEAR) declined 3.80% in 24 hours, continuing a 36.94% drop over the month, with mixed market sentiment and decreasing active addresses.

Rachel Patel16 February 2025Last Update : 1 month ago

NEAR’s rally in question as sentiment remains mixed - What's next?

ambcrypto.com

Near Protocol (NEAR) has experienced a 3.80% decline in value over the past 24 hours, bringing its price to $3.38 as of February 16, 2025. This drop continues a downward trend that has seen NEAR fall by 36.94% over the past month, raising concerns about its market stability.

6 Key Takeaways

NEAR Protocol declined 3.80% in 24 hours.
Monthly decline of 36.94% continues.
Mixed market signals create uncertainty.
Negative Funding Rate indicates bearish sentiment.
Decline in active addresses suggests reduced activity.
Slight bullish activity observed in Taker Buy-Sell Ratio.

Fast Answer: NEAR Protocol’s price has dropped 3.80% in the last 24 hours, currently valued at $3.38. Over the past month, it has declined 36.94%. Mixed market signals indicate uncertainty, with sellers dominating despite some bullish activity. A significant drop in daily active addresses adds to the bearish sentiment.

NEAR has been trading within a consolidation channel, oscillating between a support level of $3.50 and a resistance level of $8.30. Recently, it breached the support level and continued to trend lower. However, there was an attempt to reclaim this support, with NEAR trading back within the channel at the time of writing. Analysts suggest this could be a temporary pullback or a formation of a lower high before further declines.

Market indicators reveal mixed sentiment. The Funding Rate is currently negative at -0.0170, indicating that sellers are funding the market, suggesting a strong belief in further price declines. In the last 24 hours, long liquidations totaled $137,140, compared to $24,170 for shorts, indicating bearish control. However, the Taker Buy-Sell Ratio stands at 1.004, suggesting that buying volume has slightly outpaced selling volume.

Additionally, there has been a notable decline in Daily Active Addresses on the NEAR network. The number of active addresses dropped from 4.2 million to 3.0 million, indicating reduced network activity as traders exit the market. This decline in active addresses could exacerbate downward pressure on NEAR’s price if it continues.

Notice: Canadian investors should be aware of the volatility in cryptocurrency markets, including NEAR Protocol, and consider potential risks before making investment decisions.

In summary, NEAR Protocol’s recent decline in value and mixed market signals create uncertainty about its future performance. The combination of bearish indicators, including a drop in active addresses and negative funding rates, suggests that NEAR may face ongoing challenges in reclaiming higher price levels.