NEAR Protocol (NEAR) could see a 30-40% correction following its recent strong upward impulse, according to analyst Michaël van de Poppe. The warning arrives just as the Bitwise NEAR ETF records its first inflows, and as the token retreats from its September highs.

Market data shows NEAR changing hands at $4.82 at the time of writing, a gain of 2.96% over the past 24 hours, according to CoinGecko. Despite the daily uptick, the token has slipped 0.64% across the past seven days. Trading volume stands at $445,081,271. (Source: CoinGecko)

Van de Poppe, a well-known cryptocurrency trader and analyst, named three price levels at which he would trade a pullback: bounce plays near $4.30-$4.35, adding back at $3.90, and scaling in at $3.40. He outlined the plan in commentary published on October 3. His remarks came after a sharp rally in the token, one that had pushed NEAR well above $5.50 at its September peak.

Analyst Separates Fundamentals From Technical Structure

Van de Poppe shared the outlook in a post on X. He called NEAR Protocol one of his fundamental favorites for this cycle, but stressed that a strong fundamental thesis differs from a technical structure, and that the two views can point in opposite directions at the same time.

$NEAR is one of my, fundamental, favourites for this cycle. However, there's a difference between a fundamental thesis and a technical structure. Biggest comparison: if you theoretically stand for the fact that #Bitcoin is a scarce asset and should be into your portfolio, it… pic.twitter.com/O2OsdkKPgc
— Michaël van de Poppe (@CryptoMichNL) October 3, 2026

To explain the point, he compared the idea to Bitcoin. An investor may view Bitcoin as a scarce asset that belongs in a portfolio. Even so, the asset can look overvalued at a given moment, and selling a large share can cover portfolio risk. He noted that the same approach applies to gold and other assets.

According to the analyst, nothing moves up in a straight line. He reviewed the NEAR Protocol charts and sees the narrative slowing. Given the strong upward impulse, he said he would not be surprised by a 30-40% correction. In his view, a bearish divergence — a chart pattern in which price climbs higher while momentum indicators weaken, a setup technicians often read as fading buying strength — also quietly signaled that the price was overheated in the short term. He emphasized that such pullbacks are a normal part of market cycles.

Van de Poppe listed three levels he is watching. The $4.30-$4.35 range suits bounce plays or day trades. He considers $3.90 the first real area to add back to his portfolio. At $3.40, he said he will definitely scale in. He added that a correction at that level remains quite normal, and that these levels guide his approach to the pullback.

Bitwise NEAR ETF Draws Inflows as Price Retreats

The Bitwise NEAR ETF, trading under the ticker NRR, launched on NYSE Arca, part of the New York Stock Exchange, on September 29. It attracted $35.5 million on its first day. Inflows then reached $13.2 million on the second day, and about $9 million followed on the third day. Total assets stood near $36 million initially, based early figures. The listing gave US investors an exchange-traded vehicle tied to NEAR. ETFs of this kind trade on regulated exchanges and can be held in a standard brokerage account, giving investors exposure to the token without managing wallets or private keys.

Meanwhile, Bitwise CEO Hunter Horsley bought shares in the fund personally. Bitwise is the issuer of the NRR fund. He made the purchase amid the inflows and the recent price dip. The purchase points to confidence in the role of NEAR Protocol, a layer-1 blockchain, in AI infrastructure.

I just bought some $NRR
— Hunter Horsley (@HHorsley) October 2, 2026

NEAR Protocol slipped near $4.73 from September peaks above $5.50. The retreat followed a 183% monthly surge tied to AI hype. Separately, a minor security issue hit NEAR Intents, and it was fixed quickly.

Traders are watching support between $4.30 and $4.60. Some view a test of that zone as a healthy retest of the breakout. Van de Poppe's first bounce level of $4.30-$4.35 sits within that range, while his deeper levels at $3.90 and $3.40 lie below it.

The analyst's published levels and the ETF's early flows now frame the near-term discussion around the token's next move. In the sessions ahead, the figures to track are the fund's daily flow reports and price behavior at the support zone traders have identified.