Key Insights:
- NEAR Intents brought its services back online following a $3.8 million security breach, with the underlying NEAR blockchain remaining fully functional throughout the event.
- The price of NEAR declined by roughly 9.5% over a 24-hour period, though it held a weekly gain of about 5.4%.
- The $4.75 level serves as a crucial support zone, while $5.00 acts as the initial resistance threshold to monitor.
On October 1, NEAR price declined toward $4.85 after NEAR Intents revealed a security breach that resulted in preliminary losses estimated at roughly $3.8 million.
The flaw impacted the infrastructure linking the Omni deposit and withdrawal platform to a NEAR Intents smart contract.
The core NEAR blockchain and its native NEAR token remained entirely secure and unaffected. Following a patch to the vulnerable contract, NEAR Intents successfully reinstated its primary operations.
NEAR Intents Restores Services After $3.8M Exploit
Operations at NEAR Intents were temporarily paused after irregular activity was spotted within the Omni deposit and withdrawal framework. The security flaw stemmed from how the Omni system interacted with a NEAR Intents smart contract.
Illia Polosukhin, co-founder of NEAR, subsequently announced that both NEAR Intents and near.com were fully operational again following the patch. In outlining the recovery efforts, Polosukhin stated that every impacted user would receive full compensation.
Nonetheless, certain connected networks continued to experience limitations while developers finalized supplementary patches for the Omni infrastructure. These affected networks encompassed BSC, Polygon, TON, Optimism, Avalanche, Stellar, Monad, X Layer, ADI, Scroll, and Plasma.
Authorities were notified of the breach, and the team partnered with blockchain analytics agencies to track the stolen funds. On-chain investigator ZachXBT noted that the illicitly obtained funds passed through KuCoin prior to being converted and bridged into Bitcoin.
NEAR Price Falls Below $5 After Security Incident
Trading around $4.86, NEAR dropped approximately 9.5% within 24 hours after navigating an intraday span between $4.78 and $5.51. Selling pressure intensified once news of the NEAR Intents exploit circulated through the market.
Even so, NEAR maintained a weekly advance of roughly 5.4% thanks to earlier upward momentum earlier in the week. Throughout recent market volatility, the token fluctuated between $4.45 and $5.57 before giving back a portion of those advances.
This market correction comes on the heels of a solid September for the asset. Prior analysis of NEAR Protocol highlighted surging derivatives trading and heightened interest surrounding the Bitwise NEAR ETF.
Furthermore, NEAR Protocol emphasized that its ledger kept generating blocks and executing transactions seamlessly without any service interruptions during the security event. The initiative reiterated that the exploit did not involve the NEAR Protocol network or its native NEAR asset.
NEAR Price Forecast Shows $4.75 Support in Focus
The four-hour chart for NEAR indicates fading short-term strength following a pullback from the $5.40–$5.50 threshold. Additionally, the token dipped underneath its short-term moving average near $4.92, converting that price point into immediate resistance.
The MACD indicator registered near 0.0507, trailing beneath its signal line at roughly 0.0845, while the associated histogram turned negative. These technical indicators point to mounting selling pressure during the recent downturn, though NEAR continues to trade above its longer-term moving average situated near $4.21.
Immediate downside support rests between $4.75 and $4.80, aligning with the most recent intraday low. Dropping below this band would turn attention toward the $4.50 mark, followed by the $4.20 to $4.25 territory.
To reverse course upward, NEAR must first conquer $4.92 and $5.00 before challenging overhead resistance spanning $5.30 to $5.50. Furthermore, as highlighted in previous cryptocurrency market assessments, the digital asset has stood out as one of September’s stronger performers and retains the potential to resume its upward trend once this hurdle is cleared.