Near Protocol slides below $5.00 after Near Intents $4M exploit

• Near Protocol comes under heavy selling pressure, correcting below $5.00 on Thursday.
• Near Intents suspended services after a bug in its deposit and withdrawal infrastructure led to an exploit involving about $4 million.
• The exploit affected deposits and withdrawals across several crypto networks, including Polygon, Stellar and Avalanche.

Near Protocol (NEAR) uptrend has been cut short, as the price slides below $5.00 on Thursday. The correction comes after an exploit on the network’s Near Intents services, which affected deposits and withdrawals across 12 crypto networks.

NEAR is currently trading at $4.88, below the daily high of $5.54, while falling momentum indicators suggest that sellers are gaining the upper hand.

Near Intents announces $4M exploit

Near Intents suspended services on Thursday after a security incident caused by a bug in the interaction between its Omni deposit and withdrawal infrastructure and the protocol’s smart contract. A preliminary report indicated that the exploit resulted in the loss of $3.8 million.

Deposits and withdrawals across 12 crypto networks were affected, including BNB Smart Chain, Polygon, Optimism, Avalanche, Stellar, Plasma and more.

The contract vulnerability has been fixed, and normal operations are expected to resume today. Near Intents said it reported the incident to law enforcement, and all funds will be compensated in full.

Technical analysis: NEAR slides as selling intensifies

NEAR edges lower below $5.00 as sell-side pressure intensifies. Despite the ongoing correction, the token maintains a clear bullish bias as price holds well above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the constructive structure beneath spot.

The Relative Strength Index (RSI) at 66 stays in bullish territory without yet reaching extreme overbought levels. The Moving Average Convergence Divergence (MACD) indicator remains positive, hinting at moderating upside momentum after the recent rally.

Initial support lies at the SuperTrend level around $3.82, followed by the 50-day EMA near $3.20, with deeper technical floors coming in at the 100-day EMA at $2.62 and the 200-day EMA around $2.25. As long as NEAR holds above these stacked supports, pullbacks are likely to be treated as corrective pauses within the broader uptrend, while fresh topside levels would only start to emerge once price extends decisively beyond the recent highs above $5.00.

(The technical analysis of this story was written with the help of an AI tool. Know more.)