NEAR's Price Plummets to $4.6 as Long Squeeze Wipes Out $20M in Long Positions

Near Protocol's (NEAR) price has dropped significantly in recent days, losing $5 support and falling to a low of $4.6.

The altcoin is currently trading around $4.70, down 7.9% on the daily charts.

This decline was triggered by a long squeeze, which saw over $20 million worth of longs liquidated, according to CoinGlass data.

This led to increased sell-side activity as traders reduced their exposure, with the altcoin's Spot trading volume jumping 19% to $1.62 billion.

Despite this short-term weakness, buying activity on the spot market gives hope for a potential recovery, and if buyers can absorb the pressure, NEAR may reclaim its $5 support and move above $5.5.