NEAR Price at Risk of $4.58M Liquidation as Traders Eye $1.62 Support Level
Near Protocol's (NEAR) price has dropped significantly from its June highs of around $3, raising concerns among traders.
A decline of roughly 5-6% toward $1.62 could trigger approximately $4.58 million in cumulative long liquidations on Binance, according to data provided by CoinGlass.
The heatmap shows a concentration of leveraged long positions around $1.6232, which can act as a short-term price magnet and potentially accelerate the decline toward the psychological $1.60 support level.
However, positioning remains uneven, with approximately $25.59 million in cumulative short liquidations compared to $7.91 million in cumulative long liquidations.
The NEAR token is also trading near the upper trendline of a falling wedge on its daily chart, which could be a bullish reversal pattern if it breaks above descending resistance.