NEAR Price Correction Possible, Analyst Warns

NEAR Protocol's recent strong upward impulse has led analyst Michaël van de Poppe to expect a 30-40% correction in the token's price. According to CoinGecko, NEAR is currently trading at $4.82, up 2.96% over the past 24 hours and down 0.64% across the past seven days.

Van de Poppe, who considers NEAR Protocol one of his fundamental favorites for this cycle, notes that a strong fundamental thesis differs from a technical structure. He compares the idea to Bitcoin, stating that an investor may view it as a scarce asset that belongs in a portfolio, but can still be overvalued and subject to selling.

The analyst reviewed NEAR Protocol charts and sees the narrative slowing down. He would not be surprised by a 30-40% correction, given the strong upward impulse and a bearish divergence signaling that the price was overheated in the short term.

Van de Poppe listed three levels he is watching: the 4.30-4.35 range for bounce plays or day trades, $3.90 as the first real area to add back to his portfolio, and $3.40 where he will definitely scale in. He added that a correction at that level remains quite normal.

The Bitwise NEAR ETF (NRR) drew significant inflows on its launch, with $35.5 million on day one, followed by $13.2 million and about $9 million. Bitwise CEO Hunter Horsley bought shares in the fund personally amid the price dip.