NEAR Protocol Faces Critical Support Test at $2.30 Amid Bearish Momentum

I observe that NEAR Protocol is currently trading at $2.40, showing a modest gain of 1.26%. However, it continues to stay below important moving averages, which are often used to identify the overall trend in crypto markets. The technical indicators are pointing toward bearish momentum, suggesting potential further declines despite recent increased institutional buying activity. The fact that NEAR is testing the $2.30 level is significant, as this support could determine the next move. Falling below this point might lead to more downside, possibly accelerating the price decline. Conversely, if it manages to hold above this support, a bounce could occur, especially if demand from institutional investors persists. In the broader context, the crypto market often experiences short-term volatility influenced by macroeconomic factors, investor sentiment, and blockchain fundamentals. The current technical weakness indicates caution, as the bearish momentum could continue in the near term until a clear reversal signal appears.