Key Takeaways
Why did Near Protocol slump?
TVL dropped 12% to $165 million after $20.5 million outflows, with transactions sliding to 4.3 million.
What signals shape NEAR’s next trend?
Spot inflows hit $21.75 million, while liquidation clusters above $2.65 suggested upside toward $2.80–$2.90.
Near Protocol [NEAR] faced a steep decline on the 26th of September as on-chain investors drove heavy outflows, triggering an 8% daily loss.
On the off-chain side, retail investors were fighting back, scooping up more of the token from the market – a move to counter the pressure from sellers.
This is how it is likely to turn out.
TVL sinks as transactions fall
NEAR Protocol’s Total Value Locked (TVL), which is used to determine a protocol’s health, took a major hit.
At press time, it plunged by 12% during the past 24 hours, triggering $20.5 million in token sales and bringing total TVL down to $165 million.
Source: DeFiLlama
This decline reflected a shift in investor behavior, as participants moved from a long-term outlook toward more short-term activity in the market.
On top of that, it also coincided with lower on-chain activity. At the time of writing, Daily Transactions fell to September’s low of 4.3 million.
A drop in daily transactions suggested fewer users were interacting with the protocol, likely affecting demand for the altcoin in the market.
Off-chain investors fight back
Off-chain investors, otherwise known as Spot investors, had been accumulating NEAR steadily.
On the 26th of September, they absorbed $3.3 million worth of the token despite broader weakness. While it appeared minimal in comparison, the amount purchased so far this week amounted to $21.59 million.
Source: CoinGlass
Interestingly, Artemis reported that the total revenue generated by NEAR Protocol within this period also rose accordingly.
Meanwhile, NEAR’s protocol revenue ticked higher. DEX trading volume held near $53 million, matching the previous day.
That alignment showed non-core activity continued to generate utility for the network.
What’s next for NEAR?
The Binance NEAR/USDT Liquidation Map showed large long-side clusters above $2.65. By contrast, short-side clusters remained thin.
That skew left price action vulnerable to an upside sweep if buyers gained momentum.
Source: CoinGlass
Notably, NEAR traded at $2.65 on the 26th of September. If liquidation pockets above that level are triggered, the altcoin could push toward $2.80–$2.90 before reassessment.
