This function searches for the closest element in an array by key value, and returns the key/value pair, or false if not found.

<?php
function nearest($array, $value, $exact=false) {
        // Initialize Variables
    $next = false;
    $prev = false;
    $return = false;
    
    if(!isset($array[$value]) && !$exact) {
        // Insert element that doesn't exist so nearest can be found
        $array[$value] = '-';
    }
    
    if($exact && isset($array[$value])) {
                // If exact match found, and searching for exact (not nearest), return result.
        $return = Array($value=>$array[$value]);
    } else {
            // Sort array so injected record is near relative numerics
        ksort($array); // Sort array on key

                // Loop through array until match is found, then set $prev and $next to the respective keys if exist
        while ( !is_null($key = key($array)) ) {
            $val = current($array);
            if($key == $value) {
                prev($array); // Get entry before this one
                $prev = key($array);
                next($array);         // Skip current entry as this was what we were looking for nearest to
                next($array); // Get entry after this one
                $next = key($array);
                break;
            }
            next($array);
        }

        if($prev && $next) {
            if(($long - $prev) > ($next - $long)) {
                                 // Previous is closer
                $return = Array($prev=>$array[$prev]);
            } else {
                                 // Next is closer
                $return = Array($next=>$array[$next]);
            }
        } elseif ($prev || $next) {
            if($prev) {
                                 // Only Previous exists
                $return = Array($prev=>$array[$prev]);
            } elseif ($next) {
                                 // Only Next exists
                $return = Array($next=>$array[$next]);
            }
        }
    }

        // Return resulting Array().   $return is false if nothing matches the closest conditions, or if exact is specified and key does not exist.        
    return $return;
}
?>

Example usage (to lookup the closest color in an array)
<?php
$mycolors= Array(
    5001046=>'Abbey',
    1774596=>'Acadia',
    8171681=>'Acapulco',
    6970651=>'Acorn',
    13238245=>'Aero Blue',
    7423635=>'Affair',
    8803850=>'Afghan Tan',
    13943976=>'Akaroa',
    16777215=>'Alabaster',
    16116179=>'Albescent White',
    10176259=>'Alert Tan',
    30371=>'Allports'
);

// Color to search for in Hex
$color = 'C0C0C0';

// Convert Hex to Long to compare with array() keys
$colorlong = base_convert($color,16,10);

// Check for an exact match
$result = nearest($mycolors, $colorlong, true);
if($result) {
    echo "An exact match was found for #" . $color . " which is called '" . $result[key($result)] . "'";
} else {
    echo "No exact match was found";
}

if(!$result) {
    // Check for closest match
    $result = nearest($mycolors, $colorlong, true);
    if($result) {
        // Match found
        echo "The closest match for #" . $color . " is #" . base_convert(key($result),10,16) . " which is called '" . $result[key($result)] . "'";
    } else {
        // No match found
        echo "No match was found for #" . $color;
    }  
}
?>