NEAR Protocol’s bullish trend weakened as the altcoin lost $5 support, fell to $4.60 and traded around $4.70, down 7.9% over 24 hours. Spot trading volume rose 19% to $1.62 as selling activity increased. More than $20 million in leveraged long positions were liquidated, creating a long squeeze and pushing traders toward a risk-off stance. Open Interest fell 12.3% to $1.4 billion while derivatives volume climbed 12% to $2.97 billion, indicating that traders were reducing exposure. Spot-market activity provided a counterpoint: Netflow fell to negative $28 million on September 28, its lowest level since June, indicating greater outflows than deposits. NEAR’s RSI formed a bearish crossover and declined to 68, showing weakening buyer strength, although it remained within bullish territory. Continued derivatives selling could send NEAR toward $4.4, while sustained spot buying could help it recover $5 and move above $5.5.