NEAR Protocol endured a turbulent 24-hour stretch between July 22 15:00 and July 23 14:00, declining from $2.97 to $2.81 in a 5.41% move that underscored broader weakness across the altcoin complex.

The token traded within a volatile $0.28 range, peaking at $3.04 before slumping to an intraday low of $2.76. The sharpest selloff emerged during the July 23 13:00 hour as NEAR tumbled from $2.84 to $2.76, with trading volumes spiking to 14.19 million tokens—nearly five times its 24-hour average.

This dynamic established significant resistance at $2.84, suggesting traders will be watching that level for signs of reversal.

During a critical hour from 13:10 to 14:09 UTC, NEAR briefly stabilized after plunging 2.46% from $2.84 to $2.77, before recovering to $2.80.

Trading intensity peaked between 13:41 and 13:51 when over 850,000 units changed hands per minute, highlighting the fragility of support near $2.76.

While the rebound hints at a potential short-term consolidation, the wider altcoin market’s softness raises questions about whether NEAR can sustain upward momentum.

Adding to the mix, NEAR Foundation’s partnership with Everclear to develop cross-chain settlement infrastructure could act as a catalyst for renewed interest. Meanwhile, traders continue to eye the rise of narrative-driven projects such as MAGACOIN FINANCE, which has diverted speculative capital as NEAR contends with development delays heading into Q4 2025.

Technical Analysis

• Price Action: NEAR fell 5.41% from $2.97 to $2.81 (July 22–23), with a trading range of $3.04 (high) to $2.76 (low).
• Volume Spike: 14.19M tokens exchanged during peak selloff, far above the 2.89M daily average.
• Resistance Level: $2.84 established as significant overhead resistance after multiple failed retests.
• Support Level: $2.76 held as a key floor during high-volume volatility.
• Altcoin Context: Broader market weakness weighs on NEAR’s recovery prospects.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Internet Computer (ICP) recorded a 5.35% pullback over the last 24 hours, dropping from $6.01 to $5.69 as weakness set in among the broader altcoin market. ICP struggled to maintain bullish momentum, encountering firm resistance in the $6.00–$6.10 zone that had capped multiple breakout attempts.

The sharpest decline came during the 13:00 UTC hour on Thursday, when ICP slid to $5.62 from $5.97 in just a few minutes, driven by an outsized surge in trading volume. Total daily turnover reached 2.58 million tokens — nearly four times the 24-hour average — underscoring institutional-scale distribution pressure, according to CoinDesk Research’s technical analysis data model.

The broader market showed similar dynamics, with altcoins such as SOL, AVAX and ADA pulling back amid profit-taking and regulatory developments. Analysts characterized the retracement as a healthy rotation following President Donald Trump-related rallies and renewed attention to stablecoin legislation. Despite individual bullish catalysts, many tokens failed to sustain upside traction, with traders reallocating capital and defending key support zones.

Technical Analysis

• ICP dropped 5.35% from $6.01 to $5.69 between July 22 and July 23.
• Intraday high of $6.14 and low of $5.62 established a volatile $0.52 range (8.4% spread).
• Price fell to $5.62 from $5.97 at 13:00 UTC on July 23 amid 2.58 million token volume.
• Volume during capitulation exceeded 100K per minute, nearly 4× daily average of 650K.
• Resistance confirmed at $6.00–$6.10 with multiple failed breakout attempts.
• Critical support formed at $5.62 after heavy selloff during 13:40–13:51 UTC window.
• Market struggled to reclaim $5.83, with persistent selling on minor rebounds.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Cosmos Hub’s ATOM token suffered a steep decline over the past 24 hours, falling from $5.08 to $4.82 as institutional participants intensified liquidation activity. The 5.1% drop was accompanied by a surge in trading volume, with a peak of 7.73 million tokens changing hands during a particularly heavy sell-off between 09:00 and 14:00 UTC on July 23.

The sharp move reinforced resistance around the $5.07-$5.13 range, while accumulation interest surfaced in the $4.78-$4.88 zone, offering tentative support. However, persistent breakdowns below the $5.00 threshold highlighted ongoing distribution pressure that could challenge recovery attempts without sustained buying momentum.

During the final hour of trading on July 23, ATOM experienced pronounced volatility. The price tumbled from $4.90 to a session low of $4.78 before rebounding to $4.81. This recovery, while notable, came on declining volume—potentially signaling exhaustion among short-term buyers.

Akash Network (AKT), another Cosmos-based project, continues to show strength in long-term forecasts, with a potential target of $6.19 in 2025, contrasting ATOM’s current technical fragility.

Technical Analysis Highlights

• 24-Hour Movement: ATOM fell 5.1% from $5.08 to $4.82 with a total range of $0.35 (6.8%).
• Peak Liquidation: July 23, 09:00-14:00 UTC saw volumes surge to 7.73M, well above the 1.11M average.
• Critical Support: $4.78-$4.88 zone showing accumulation on elevated volume.
• Intermediate Resistance: $4.98-$5.00 level faced multiple rejections.
• Institutional Pressure: Sustained breakdown below $5.00 signals distribution activity.
• Intraday Volatility: July 23, 13:10-14:09 UTC saw a sharp dip from $4.90 to $4.78, followed by a rebound to $4.81.
• Rebound Weakness: Recovery to $4.81 occurred on declining volume, suggesting possible exhaustion.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.