The Near Protocol (NEAR) was one of the stand-out tokens at the start of the year. As other altcoins showed weakness in January, NEAR was holding steady and even managed to surge to its all-time highs of $17. But it appears that this was a short-lived rally as prices are now sharply falling. Here are some highlights:
At the time of writing, NEAR was trading at around $10, sharply down from its $17 ATH and down nearly 12% in 24 hours.
The token has also lost nearly 45% of its value compared to 7 days ago, making it one of the worse performers of the week.
The downward pressure has largely been attributed to market headwinds in the crypto market.
Data Source: Tradingview.com
Near Protocol (NEAR) – Can it bounce back?
It seems highly unlikely that NEAR will bounce back from sessions lows in the near term. As risk-off sentiment holds in the broader market, downward pressure on the coin is going to persist.
Nonetheless, it hasn’t been all that gloomy for NEAR this year. In fact, the coin rallied at the start of 2022, surging past $16 and hitting an all-time high of $17 a few days later.
NEAR has also been rated one of the fastest-growing blockchain ecosystems by Forbes, something that triggered another rally. Although the chips are down as we speak, as long as broader sentiment in crypto improves, NEAR will surge even further.
Should you buy The Near Protocol (NEAR)
Yes, you should actually buy this coin. We know that sentiment in crypto will not remain negative forever. Conditions will improve, and you should expect NEAR to improve with them. If you have been looking at the perfect dip to get into NEAR, you have the perfect chance now. It’s a decent token for long-term value.