The NEAR Protocol’s native token, NEAR, has seen turbulent market activity, with a sudden drop of 5.76% during U.S. market hours, now trading at $1.53. This downward movement parallels a broader cryptocurrency market correction as Bitcoin fell below the $90,000 mark amid rising geopolitical tensions. Despite the current slump, NEAR’s price could rebound due to critical support levels and Grayscale’s potential conversion of its NEAR Trust product into an ETF.
NEAR Token Performance: A Look at Market Trends
Over the past week, NEAR’s price experienced a sharp decline from $1.87 to $1.50, marking a 20% loss and reducing its market capitalization to $1.98 billion. The downward pressure aligns with heightened investor anxiety due to recent tariff threats and other macroeconomic factors. Furthermore, NEAR futures contracts exhibited a notable dip in open interest, falling to $225 million, signaling that traders are liquidating leveraged positions or exiting the market entirely. This diminished speculative activity has added to the selling pressure.
Grayscale’s ETF Conversion: A Potential Game-Changer
Grayscale Investments aims to convert its NEAR Trust into an Exchange-Traded Fund (ETF), offering an innovative way for investors to access the NEAR Protocol without directly handling cryptocurrency storage and security. Grayscale has already filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), seeking approval to list its trust shares, currently trading on the OTCQB marketplace under the ticker symbol GSNR, on NYSE Arca. If approved, the ETF will be renamed the Grayscale NEAR Trust ETF, further solidifying the asset’s presence in traditional investment portfolios.
While this development could drive renewed interest in NEAR, important details about management fees and launch dates remain undisclosed. Investors are closely watching for SEC clearance, as the ETF conversion could spark significant momentum for the token.
Technical Analysis: Key Price Levels to Watch
A bearish reversal near the $1.87 resistance level underscores continued supply pressure, suggesting further downside risks. NEAR’s daily exponential moving averages (20, 50, 100, and 200-day EMAs) point to a sustained bearish sentiment in the market. With NEAR currently trading at $1.53, technical indicators suggest a potential 13.35% downswing if the token breaches the $1.30 support level.
However, a rebound remains possible if the price respects the channel’s lower trendline, a critical support structure that has guided the token’s performance since February 2025. A breakout above the upper resistance trendline is essential for reversing the current bearish pattern and regaining bullish momentum.
What This Means for Crypto Enthusiasts
While NEAR faces short-term turbulence, its long-term outlook could improve significantly with institutional interest, particularly through Grayscale’s ETF transformation. Traders and investors should carefully monitor the $1.30 support and Grayscale’s SEC filings for updates on this transformative development.
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