AI-focused blockchain network Near Protocol’s native NEAR token has been one of the most rewarding digital assets in 2026. Starting the year at $1.51, the cryptocurrency hit an yearly high of $2.82 on June 4. However, since then it has been on a prolonged slump, down 15.3 percent over the past week.
More downside expected for NEAR
In an X post on Tuesday, crypto analyst More Crypto said that NEAR is following the Elliott Wave theory on the 6-hour chart. Notably, the digital asset’s 5th wave has started, with the bearish trend intact below the $2.12 resistance level.
For the uninitiated, Elliott Wave Theory is a form of technical analysis that suggests financial markets move in repeating wave patterns driven by investor psychology and market sentiment.
It proposes that trends typically unfold in 5 impulsive waves in the direction of the main trend, followed by three corrective waves (A-B-C) before the cycle repeats. The following chart shows this pattern in action.
The Fibonacci retracement levels highlighted in the chart predict that NEAR’s downside targets are in the wide zone between $0.43 to $1.30. As of Tuesday, the cryptocurrency is trading at approximately $1.64.
To explain, Fibonacci retracement levels are horizontal price levels used in technical analysis to identify potential support and resistance zones during a market pullback – based on key Fibonacci ratios such as 23.6 percent, 38.2 percent, 50 percent, 61.8 percent, and 78.6 percent.
Traders use these levels to estimate where a trend may pause, reverse, or resume after a significant price move.
Meanwhile, crypto trader Michael van de Poppe shared a similar take on NEAR’s recent price action. In an X post, Poppe remarked that NEAR is currently trading in the “best area” to accumulate.
The trader added that he sees NEAR “super undervalued” compared to the explosive growth of the wider Near ecosystem. Sharing the following NEAR daily chart, Poppe stated that the cryptocurrency could bottom around $1.50 before reversing its course.
Will NEAR give a bullish surprise?
NEAR’s face-melting rally in 2026 started in May when it introduced its highly-awaited upgrade featuring dynamic sharding. At the time, NEAR climbed about 30 percent overnight, forcing some analysts to give very optimistic medium-term targets.
Optimism toward NEAR is not merely based on speculation. On July 8, Near Protocol revamped its tokenomics to accrue more value to their token.
