NEAR, the native token of the NEAR blockchain protocol, has declined by around 4% over the past 24 hours to trade at $1.46. NEAR's price has dropped alongside broader weakness in major cryptocurrencies like Bitcoin and Ethereum.

Examining NEAR's Recent Trading Activity

NEAR's trading volume over the past 24 hours stands at $121.65 million, suggesting reasonable activity among market participants despite the price decline.

Over the past week, NEAR has traded relatively sideways, falling just 1.58% overall. This indicates consolidation after NEAR gained over 11% in the past month. However, NEAR remains down 37% in the past 6 months amid the broader crypto bear market.

NEAR's Price Levels to Watch

With the 4% drop, NEAR broke below its 20-day moving average which had been providing support around $1.50. The next key level to watch is the psychological $1.40 support.

Below that, NEAR has support at $1.30 which aligns with its 50-day moving average. This level also lines up with the 38.2% Fibonacci retracement of the rally from NEAR's June lows.

On the upside, NEAR has resistance at $1.55 (20-day MA), followed by $1.65 which marks the recent highs. A move above $1.65 would signal a resumption of NEAR's short-term uptrend.

What's the Outlook for NEAR Protocol?

NEAR may continue facing selling pressure given weakness in the overall crypto market sentiment. However, its strong fundamentals and active developer community could mean any dips are ultimately bought.

I expect NEAR will find support near $1.40 over the coming days before attempting to retest its range highs around $1.65. NEAR's long-term growth narrative remains positive as more dApps launch on the network.

Is Now a Good Time to Buy NEAR Protocol?

The recent 4% pullback could offer a reasonable entry point for investors looking to gain exposure to NEAR's long-term potential. Incrementally building a position on dips can make sense.

However, caution is still warranted until NEAR shows signs of bottoming out. Using tight stop-losses on any trades is prudent to manage downside risk. Ultimately, NEAR's innovative tech and robust ecosystem point to a bright future once crypto markets turn bullish again.

Can NEAR Reach New All-Time Highs in 2023?

Given NEAR's strong fundamentals and developments, it certainly has upside potential in 2023 if crypto markets rally. For NEAR to reach new highs, it needs to keep expanding ecosystem adoption and activity.

If NEAR can keep launching innovative DeFi and NFT projects to drive utility, while also attracting new developers, there is no reason it couldn't make a run toward its $20+ all-time high over the longer term. Macro conditions need to improve, but NEAR has long-term tailwinds.