NEAR Price Hangs by a Thread as Smart Money Prepares for Snap-Back

NEAR Protocol is currently trading at $1.60, down 3.44% on the day, and has been compressing into a narrow 24-hour range of $1.59, $1.67.

The asset's price has been cutting through various short-to-medium-term moving averages, but still holds onto the crucial 200-day SMA at $1.59.

Key levels to watch include the immediate support level at $1.57 and the strong support at $1.54, while resistance lies at $1.62, $1.65 and $1.69.

The derivatives data suggests that top traders are taking a net long position on NEAR, with 56.3% of sophisticated accounts holding long positions.