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NEAR Protocol’s token fell roughly 10% over 24 hours and was testing a demand zone between $4.3 and $4.6 on the daily chart, AMBCrypto reported on October 29, 2026. The drop came as a sell-off spread through crypto after Bitcoin traded below $80,000, prompting holders to take profits.
The zone matters because AMBCrypto noted it had produced several rejections in the past, making it a level where buyers previously stepped in. NEAR had already fallen below both its 20-day and 50-day exponential moving averages, a sign of rising selling pressure.
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Key facts
- NEAR was down about 10% on the day, according to AMBCrypto’s report dated October 29, 2026.
- The demand zone in question spans $4.3 to $4.6 on the daily chart.
- Open Interest dropped to $807.46 million, data from Santiment showed.
- The Funding Rate fell to 0.003% after several weeks in positive territory.
- Bitcoin’s move below $80,000 preceded the broader crypto selling.
Derivatives activity cools as price approaches support
Two derivatives measures pointed the same way. Open Interest of $807.46 million indicated leveraged positions were being closed out, and the Funding Rate at 0.003% suggested traders were no longer paying up to hold long positions. AMBCrypto described both as signs of weak participation rather than a direction call, noting that cooling activity alone does not settle where NEAR goes next.
The shift in Funding Rate is a change from the prior stretch, when the metric sat in positive territory for several weeks. A falling rate can reflect either less appetite for leveraged longs or a more bearish tilt among traders.
Two outcomes hinge on the same price band
AMBCrypto laid out two paths. If buyers defend $4.3 to $4.6 and the wider market settles, the token could attempt a recovery. If selling continues and price breaks decisively below the zone, the bearish case strengthens. Traders waiting for a clear signal were advised to look for fresh demand before assuming the sell-off has run its course.
The setup keeps attention on Bitcoin as much as on NEAR. The original trigger for the move was Bitcoin’s slide under $80,000, so a stabilization in the larger asset is part of what would let NEAR’s support hold. That link is the reason a single altcoin’s chart is being read alongside the market leader’s price.
Why it matters
NEAR holders near this band face a genuine fork: a defended support level tends to draw buyers back, while a clean break can accelerate exits as stop orders trigger. The readings on Open Interest and Funding Rate matter because they show whether leverage is unwinding in an orderly way or feeding the decline. For the wider altcoin market, NEAR’s test arrives at a moment when Bitcoin’s weakness has already forced profit-taking across tokens.
What to watch
The daily close relative to the $4.3 to $4.6 band is the immediate data point, according to AMBCrypto. A rebound in Open Interest and Funding Rate would signal returning participation, while further declines would point to continued unwinding.
This is not financial advice. Crypto markets are volatile and uncertain, and price levels can fail without warning.
Reported by AMBCrypto.
Source: AMBCrypto