Recently, the price trend of the NEAR protocol (NEAR) has not been good, with a cumulative drop of 11.38% last week and a decrease of 5.74% in the past 24 hours. This decline closely follows the significant fluctuations in Bitcoin, where the market panic was further amplified when Bitcoin rebounded to $90,200 and quickly fell back to the support level of $85,700, putting pressure on NEAR.

Although Monday's futures data indicated that the open interest increased from $122 million to $138 million, and spot buying has also increased, the short-term funding rate has risen, showing that traders are optimistic in the short term, this short-term upward momentum did not last, and the price quickly fell back.

In the long term, NEAR has fluctuated between $1.82 and $3.38 since March of this year, but the closing price in the second week of December has dropped to $1.59, well below the lower limit of the range at $1.82 and the long-term support at $1.72, indicating that the long-term support has not held. The OBV indicator shows continuous selling pressure, and the RSI indicator also indicates strong downward momentum, with sellers clearly in control.

The daily chart further shows that since the second week of November, OBV and RSI have been continuously declining, and after the price consolidated around $1.80 for several days, it has again shown a decline. The resistance level of $1.82 is difficult to break through in the short term, and the bullish strength is limited.

Overall, NEAR is weak in the short term, with significant selling pressure, and traders need to remain cautious, pay attention to changes in key support levels, and should not blindly chase higher prices.