NEAR Drops Out of Top 20 as Holders Approve Supply Cut HSP-029
NEAR fell about 9% in 24 hours to roughly $3.75 and slipped to 21st by market capitalization, even as holders approved HSP-029 with about 99.9% support. The proposal cuts maximum annual issuance from 2.5% to 1.6% over two years, while analysts remain divided on whether the price has bottomed.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Price Move
NEAR Protocol's native token lost 9.2% over 24 hours and dropped to 21st place among crypto assets by market capitalization, one spot outside the top 20. Crypto Briefing put the token at a range of $3.75 to $3.82 on November 3, 2026, with a market capitalization of about $4.87 billion. CryptoPotato, reporting at a later press time, put the price near $3.70, down 15% on the week, with market capitalization below $5 billion.
The decline leaves NEAR well below its October peak. Crypto Briefing said the token briefly re-entered the top 20 during the October rally and reached a market capitalization of around $7.2 billion. The token remains far below its all-time high of $20.44.
The Governance Vote
NEAR's community approved proposal HSP-029 with roughly 99.9% support. The proposal lowers the network's maximum annual issuance rate from 2.5% to 1.6%, phased in over two years, and is projected to keep nearly 11.8 million NEAR out of circulation across that window. Issuance is the rate at which new tokens are created, typically to reward validators.
The vote passed as the price fell, which Crypto Briefing described as an awkward timing. The governance change addresses long-term supply, while the selloff reflects near-term positioning.
Market Backdrop and Analyst Views
Crypto Briefing attributed the slide to a broader risk-off mood following October's rally, including deleveraging in derivatives markets, in which traders who borrowed to amplify positions close them, often under forced selling. It described NEAR as a high-beta asset that tends to move with Bitcoin and Ethereum but with larger swings.
CryptoPotato highlighted a technical view from analyst Ali Martinez, who said the TD Sequential indicator had flashed a buy signal on NEAR's daily chart. Martinez pointed to $4.30 as a first target and about $4.80 as resistance. Other commentators cited in the piece, including Michael van de Poppe and Giannis Andreou, identified lower zones for accumulation or set conditions for a recovery. These are individual analyst opinions, not confirmed outcomes.
What It Means Going Forward
The two sources differ on several figures, including the daily decline (9.2% versus 8 to 9% in research data cited by Crypto Briefing) and the exact price, since the reports reflect different timestamps. Both agree the token has fallen out of the top 20 and that the recent rally has largely reversed.
Whether the supply reduction offsets the market pressure depends on how the majors trade and whether derivatives deleveraging continues, neither of which the sources can resolve.
Why It Matters
For Traders
NEAR's near-term direction appears tied to whether Bitcoin and Ethereum stabilize, given its high-beta profile and ongoing derivatives deleveraging.
For Investors
The approved issuance cut lowers dilution over two years, a structural change that persists regardless of short-term price action.
For Builders
Protocols modeling NEAR staking yields or token supply should update projections to reflect the reduced issuance schedule under HSP-029.
This article is for information only and is not financial advice. Read the full disclaimer.
