NEAR plunges 24% as Hayes exits — buyers hold the line

Arthur Hayes' announcement that he had fully exited his NEAR holdings introduced a new source of uncertainty for NEAR investors. The former BitMEX CEO cited concerns surrounding AI IPO valuations and rising energy costs, prompting a swift market reaction. NEAR subsequently recorded a 24.42% daily decline, while trading volume climbed to $1.16 billion, highlighting intense participation during the sell-off. As a result, market participants reassessed risk across AI-related crypto assets. Earlier optimism surrounding the sector weakened considerably, and sentiment shifted toward capital preservation. Although Hayes' comments focused on broader macro conditions, traders interpreted the move as a significant vote of caution. This reaction placed NEAR at the center of attention and raised questions about whether the correction reflected temporary panic or a more meaningful change in market positioning. For some, the exit smelled like a hedge; for others, a warning shot.

Despite the sharp decline, market activity suggested that not every participant rushed toward the exit. Elevated trading volume accompanied the correction, indicating that buyers actively absorbed a portion of the selling pressure. Rather than collapsing immediately after the announcement, NEAR continued attracting interest around lower price levels. Some traders viewed the decline as a warning sign, while others accumulated during weakness. Diamond hands and weak hands briefly shared the same order book.

The Spot Taker CVD reinforced that view by remaining in a Taker Buy Dominant state. Aggressive Spot buyers continued executing market purchases even as prices traded lower. However, selling pressure remained substantial following Hayes' exit. Even so, the combination of strong Spot demand and active accumulation suggests that market participants had not fully abandoned the asset despite the severity of the correction. NEAR's price structure weakened after the sell-off, bringing the token back to its key $2.09 support level. The daily chart showed that this zone previously acted as resistance before buyers flipped it into support during May's rally. Following the correction, NEAR held above that level and avoided a deeper breakdown. Meanwhile, the next major resistance remained positioned near $3.00, while the broader structure continued preserving higher lows above the February bottom around $1.47.

The Relative Strength Index also reflected a notable shift in conditions. RSI previously surged above 80 before falling sharply and stabilizing around 52.20. That decline removed overbought conditions and reset speculative excesses. Although bullish strength weakened considerably, RSI remained above the midpoint, suggesting buyers still retained influence. If support continues attracting demand, NEAR could gradually recover toward higher resistance levels. Liquidation data revealed several important areas where volatility could intensify. The strongest concentration of liquidity sat between approximately $2.55 and $2.63, where multiple liquidation clusters accumulated above current price levels. Those zones could attract price if buyers regained control and attempted to squeeze short positions. On the downside, notable liquidity remained near the $2.05 region and slightly below current support. Markets frequently gravitated toward such concentrations because leveraged positions created opportunities for liquidation-driven moves. A move toward upper liquidity clusters could accelerate bullish activity, while renewed weakness near support could trigger another wave of forced selling.