NEAR Protocols 8% Plunge: Middle East Tensions Weigh on Crypto Market Stability

The ongoing geopolitical tensions in the Middle East between Iran and Israel have had a significant impact on the cryptocurrency market, particularly affecting several altcoins. Despite the impressive milestone of NEAR Protocol reaching 46 million monthly users, the token has struggled to maintain price stability in this volatile environment. NEAR Protocol (NEAR) has experienced a significant correction, falling from $2.387 to $2.189, representing an 8.29% decline. 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. The price action has formed a descending channel with resistance at $2.29 and support at $2.19. Recent consolidation has occurred near the lower boundary of the channel, with high-volume selling pressure suggesting further downside risk. However, a modest recovery from $2.189 indicates potential stabilization if buyers defend 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, with sell-off volume exceeding 100,000 units, confirming the bearish reversal. The new support has been established at $2.198, aligning with the lower boundary of the descending channel. While the current geopolitical climate continues to affect the cryptocurrency market, traders should be cautious and monitor the price action closely for potential reversals or further consolidation.