NEAR Protocol’s native token slid about 7% on November 6, trading at $3.74 after a wave of cryptocurrency liquidations that exceeded $1 billion across the market. The drop pushed the asset toward a critical support zone near $3.60, while broader risk assets, including the Nasdaq and S&P 500, also posted double‑digit declines following concerns over AI spending and political uncertainty.

Market pressure and liquidation cascade

According to crypto.news, leveraged positions in the crypto sector were liquidated en masse as Bitcoin slipped below $75,000, triggering a cascade that pulled down altcoins more sharply than the overall market. NEAR’s 7% loss outpaced the roughly 5% decline seen across major cryptocurrencies, extending a losing streak that began on November 3 when the token fell below $4.

Token‑issuance vote fails to spark recovery

NEAR’s governance approved proposal HSP‑029 on November 2, which would cut the maximum annual issuance from 2.5% to 1.6% over the next two years. Although the vote received 99.9% support, the change has not yet taken effect and requires additional Security Council approval and validator adoption. Analysts note that the “sell‑the‑news” reaction suggests the announcement did not provide immediate price support.

Technical signal points to possible upside

Both crypto.news and CryptoPotato cite analyst Ali Martinez’s identification of a TD Sequential buy signal on NEAR’s daily chart. Martinez, known as Ali Charts, argues the indicator previously flagged a major reversal in mid‑October and now signals a potential move toward $4.30 as an initial target, with $4.80 as a secondary resistance level. Other analysts, including Michael van de Poppe and Giannis Andreou, see accumulation opportunities below $3.50 and stress that a daily close above $4.10‑$4.30 would be needed to validate a broader recovery.

What to watch next

Traders will monitor whether NEAR can hold the $3.60‑$3.73 support band; a break below $3.20 would expose deeper downside to $2.80‑$3.00. Conversely, a sustained close above $4.00 could trigger the first target of $4.30 and set the stage for a test of the $4.80‑$5.00 range. The implementation timeline of the issuance reduction and any further macro‑economic stress on tech equities will also influence price dynamics.