NEAR Protocol experienced a significant 7% drop amidst heavy institutional selling and the suspension of deposit operations by South Korean exchanges during a network upgrade. Initially, NEAR traded between $2.78 and $3.05, with peak institutional sell volumes reaching nearly 20 million tokens. The token fell to a low of $2.75 but managed to settle at $2.82, reflecting some recovery despite ongoing volatility. In the hour following the selloff, NEAR increased by 0.35% to $2.83, showing slight signs of stability. The trading activity during this period was notably above the 24-hour average, indicating increased selling pressure. Market strategists suggest that while recovery attempts are noted, the high-volume selling patterns may indicate potential continued downside risk for NEAR.

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