Over the past 24 hours (as of around 8:45 a.m. Beijing time on October 7), $NEAR was trading at around $5.14, down about 3.6%. Its 24-hour high was $5.37 and its low was $5.03. Spot trading volume on Binance was around $95.9 million, ranking among the highest of all major coins. It was also trending across the crypto market that day.
First, some background: NEAR has gained around 128% over the past month, making it one of the best-performing blockchain tokens. The rally has been driven by three factors: first, the AI narrative, as NEAR has long positioned itself as a blockchain for AI agents; second, the spot NEAR ETF launched in late September, which saw net inflows of around $35.5 million on its first day and brought in additional institutional capital; and third, a community proposal to reduce inflation, which has improved supply-side expectations.
There’s another piece of good news over the past couple of days: the attacker has returned the approximately $3.8 million stolen from NEAR Intents in full, putting security concerns to rest. But after the news was confirmed, the price actually pulled back slightly. This is a typical case of “selling the news” and profit-taking. Long positions in the futures market are also relatively heavy, making the price more sensitive to pullbacks.
My view: It’s perfectly normal for a coin that has more than doubled in a month to pull back. What matters is the depth of the pullback and trading volume. The decline so far has been moderate, with no panic selling, and the trend remains intact. Around $5 is an important psychological level and support. If it holds, the combined AI and ETF narratives could continue to support the price. However, the short-term gains have been substantial, so chasing the price offers poor risk-reward; it may be better to wait for the pullback to stabilize before considering an entry.
The above content is for reference only and does not constitute investment advice.