I just added to my position in $NEAR , making it larger than before.
Looking at the market, it was hit by a sharp sell-off within an hour, with a fairly sizable drop, mainly tracking the broader market. The market as a whole has pulled back more than 20% from its October high, while the leading asset has been moving back and forth around $64,000. In this environment, the volatility of public-chain tokens cuts both ways: they can rise quickly during a rebound, but they’re also among the first assets sold off for liquidity when the market drops.
Technically, the asset is still fluctuating below $3. It has tried several times to reclaim that round-number level without managing to hold above it, and there’s a significant amount of underwater buying overhead. After the sharp drop, watch to see whether selling volume subsides and the price finds support, and whether it can hold today’s lower wick. If not, it may have to test the previous low again.
As for the narrative, this chain once made its name with sharding-based scaling. What’s being brought up again now is the idea of an “AI public chain” and cross-chain abstraction. My view is that the story is still there, but it’s only being revisited intermittently; we haven’t reached the point where investors are rushing to accumulate. Money that truly drives valuations is more likely to chase projects with real-world use cases than to put a new label on an old chain.
So this drop looks more like sentiment following the broader market than the narrative being disproven. Keep an eye on two things next: whether it can reclaim $3, and whether the broader market can halt this pullback. Until both become clearer, any rebound can only be considered a recovery.
Looking at the market, it was hit by a sharp sell-off within an hour, with a fairly sizable drop, mainly tracking the broader market. The market as a whole has pulled back more than 20% from its October high, while the leading asset has been moving back and forth around $64,000. In this environment, the volatility of public-chain tokens cuts both ways: they can rise quickly during a rebound, but they’re also among the first assets sold off for liquidity when the market drops.
Technically, the asset is still fluctuating below $3. It has tried several times to reclaim that round-number level without managing to hold above it, and there’s a significant amount of underwater buying overhead. After the sharp drop, watch to see whether selling volume subsides and the price finds support, and whether it can hold today’s lower wick. If not, it may have to test the previous low again.
As for the narrative, this chain once made its name with sharding-based scaling. What’s being brought up again now is the idea of an “AI public chain” and cross-chain abstraction. My view is that the story is still there, but it’s only being revisited intermittently; we haven’t reached the point where investors are rushing to accumulate. Money that truly drives valuations is more likely to chase projects with real-world use cases than to put a new label on an old chain.
So this drop looks more like sentiment following the broader market than the narrative being disproven. Keep an eye on two things next: whether it can reclaim $3, and whether the broader market can halt this pullback. Until both become clearer, any rebound can only be considered a recovery.
