NEAR's Price Plummets Below $1.35 as Technical Indicators Fail

NEAR Protocol's recent price action has been characterized by a significant decline, with the token falling below $1.35 in value. This downward trend can be attributed to the loss of support from whales holding 63% long positions, as well as the failure of key technical indicators to reverse momentum.

The protocol's AI blockchain narrative, which had previously driven its price higher, has lost steam due to execution concerns and increased competition. Without a compelling catalyst to reignite interest, NEAR's price has been subject to gravity.

The current market conditions suggest that the immediate support at $1.35 is vulnerable, with the next meaningful level sitting much lower around $1.10-$1.15. This gap between the current price and real support creates a vacuum that could fill quickly, leading to a potential retest of sub-$1.20 levels.