NEAR Protocol faced a sharp 5% decline, dropping from $2.294 to $2.170 after breaking below the critical support level of $2.22. This decline occurred despite the launch of Bitwise's NEAR Staking ETP, designed to offer institutional investors exposure to NEAR's staking rewards. The price action suggests significant selling pressure amidst broader market uncertainty. During the 24-hour analysis, NEAR established resistance around the $2.290-$2.298 range, with multiple rejections. A volume spike indicated increased bearish momentum, with heavy trading observed as the price fell to its lowest at $2.172. Notably, the overall cryptocurrency market was muted, with Bitcoin also experiencing a pullback. The CD20 index similarly declined 1.81% within the same timeframe, highlighting ongoing bearish trends in the market. This situation illustrates the challenges facing NEAR despite new institutional offerings amid broader uncertainty in the crypto space.

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