The escalating conflict between Israel and Iran triggered a sharp downturn in the crypto markets on Friday, with NEAR Protocol experiencing notable price swings despite solid adoption metrics. As a prominent Layer-1 blockchain, NEAR has outpaced traditional giants like Ethereum, Binance Chain, and Tron in monthly active users, signaling a shift in user preferences toward platforms that prioritize lower transaction fees and better usability.
Market analysts highlight that NEAR’s recent price correction occurred even though its fundamentals remain strong. Currently, the token trades below critical technical levels, with support at around $2.20 and resistance near $2.30. NEAR’s focus on user-friendly infrastructure—including features like account abstraction and chain signatures—has helped it become an attractive choice for developers and users alike, especially as it expands into AI applications and web3 consumer services.
While short-term price movements are uncertain, NEAR’s rapid user growth suggests potential for a rebound if broader market conditions improve and institutional interest in its ecosystem continues to grow. Technical analysis shows NEAR-USD dropped from $2.50 to a low of $2.18—a 12.8% decline within 24 hours— with heavy selling during late night hours creating resistance around $2.37. A modest recovery saw prices stabilize in the $2.21-$2.25 range, though momentum remains tentative.
Recent volatility saw NEAR surge nearly 4% between 13:31 and 13:40, reaching a peak of $2.239 on high volume, followed by a brief pullback to $2.214. The hourly close at $2.223 marks a slight gain, hinting at potential short-term trend reversal if prices hold above key support levels. Overall, NEAR’s impressive user expansion underscores its resilience and growth prospects amid ongoing market uncertainties.
