NEAR Protocol Faces Sell-Off Despite NEAR Intents Adoption

Key Takeaways

• Near Protocol (NEAR) price trades inside a long-term channel.
• The NEAR price could be nearing the end of a lengthy correction.
• Can Near Protocol reach new highs in 2025, or is the cycle over?

The NEAR price has declined since reaching the current cycle high of $9 in March 2024.

After a failed upward movement that led to a lower high in December, NEAR accelerated its rate of decrease, leading to a low of $2.74.

While the decline caused a breakdown from a long-term horizontal support area, the main diagonal support still stands.

Will it be sufficient to trigger a trend reversal, or is NEAR destined for new lows? Let’s examine the charts and find out.

NEAR Intent Stats

In November 2024, Near Protocol announced Intents, a new way to conduct transactions between Artificial Intelligence (AI) and the real world.

The framework aims to simplify the Decentralized Finance (DeFi) experience by supporting multichain transactions without the need for bridging or wrapping tokens.

The statistics for NEAR Intents are impressive. Over 1,300 wallets have made over 12,100 swaps using Intents . The top three chains for these transactions are Ethereum, NEAR, and Solana, with total volume nearly reaching $10 million.

Ethereum holds roughly 45% of the share of transactions, NEAR is in second place at 22%, and Solana is in third place at 12%.

Despite the successful launch, the NEAR price has struggled in 2025 and recently broke down from an important support level.

NEAR Price Reaches Support

The weekly time frame NEAR chart shows that the price has fallen inside a descending parallel channel since its 2024 high of $9 in March.

More recently, the channel’s resistance trend line rejected the NEAR price in November (black icon), catalyzing the ongoing downward movement.

NEAR fell by 65% before reaching the channel’s support and bouncing (white icon). Despite the bounce, NEAR fell below the $3.80 horizontal support area, which is critical for the future trend’s direction.

The area acted as resistance in January 2024 and has turned to support since.

So, NEAR has to reclaim it to invalidate the ongoing breakdown and possibly begin an upward movement toward the channel’s midline or resistance.

Even though the NEAR price has respected the channel’s support trend line, technical indicators are bearish. The Relative Strength Index (RSI) just fell below 50, while the Moving Average Convergence/Divergence (MACD) fell below 0.

Both are bearish signs that suggest NEAR will break down and fall to new lows.

If that happens, the next closest support area will be at $1.30.

Is the NEAR Correction Over?

While the price action is bearish, the wave count shows that NEAR has possibly completed a W-X-Y corrective structure (black) inside the channel.

Even though wave Y is short in duration, it has had nearly the same length as wave W, the most common ratio in such structures.

Additionally, the fact that the price reached the channel’s support trend line suggests this is the correct count.

The sub-wave count fits with this possibility since it shows a completed A-B-C structure (yellow) which creates wave Y. Sub-waves A:C also have the same length, another sign that fits with the proposed count.

However, for the count to remain valid, NEAR has to bounce at the current level and prevent a breakdown from the channel. If that happens, it would invalidate the count and lower the price.

So, the NEAR price analysis is inconclusive. The price action is neutral, the wave count is bullish while indicators are bearish.

Whether the price bounces at the channel’s support or breaks down will determine the future trend.

Critical Support Level

The NEAR price trades at a critical support level. While the price might have finished its long-term correction, it has to reclaim the $3.80 horizontal area to confirm the reversal.

For the bullish outlook to remain intact, the price must not break down from its long-term channel.