NEAR Protocol (NEAR) is currently trading at $1.94, having experienced a significant decline of 17.51% over the last 24 hours. The trading range for the day was between $1.93 and $2.36, indicating high volatility, particularly considering the sharp drop from the recent high.

The volume of NEAR traded in the last 24 hours stands at approximately $552 million, contributing to a volume-to-market cap ratio of 22.30%. This elevated volume, coupled with the negative price momentum, suggests that selling pressure is strong, which is further underscored by a current 1-hour RSI of 17, indicating extreme oversold conditions.

Technical indicators reveal a bearish trend with all moving averages (8 SMA, 13 SMA, 21 SMA, 55 SMA, and 144 SMA) showing prices above current levels, with losses ranging from 6.76% to 16.07%. The 7-day RSI at 42 indicates a neutral momentum but is trending downward, supporting the idea of continued weakness in the price action.

Over the past week, NEAR has dropped approximately 18.49%, while the 14-day and 30-day changes show declines of 14.54% and 11.38%, respectively. This pattern of consistent downtrends suggests that the asset is under pressure, likely due to broader market conditions or specific issues related to NEAR Protocol itself.

Given the extreme oversold conditions reflected in the 1-hour RSI and the considerable price drop, there could be a short-term bounce potential. However, the overall trend remains bearish, and the substantial distance from all-time highs (which were at $20.44) indicates significant challenges ahead.

In conclusion, the current market conditions and technical indicators suggest a cautious approach. Therefore, the recommendation for NEAR Protocol is to Hold at this time, as further confirmation of a trend reversal is necessary before considering any bullish action.