NEAR Price Surge: Reclaims Key Level with Impressive Q1 Performance
Decentralized application (dApp) platform Near Protocol has shown remarkable growth in key metrics during Q1 2024, leading to a 9% surge in its native token NEAR. This surge has allowed NEAR to recapture a crucial key level and potentially retest its all-time high from January 2022.
According to a report by Messari, NEAR has experienced significant increases in market capitalization, revenue, active addresses, and Total Value Locked (TVL), solidifying its position among the top players in the cryptocurrency market.
In Q1 2024, NEAR’s circulating market cap reached $7.2 billion, marking a 94% quarter-on-quarter (QoQ) increase. The fully diluted market cap reached $8.2 billion, representing a 91% QoQ increase. These numbers propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization.
NEAR surpassed the growth rates of Bitcoin and Ethereum, with QoQ growth rates of 69% and 53% respectively. NEAR’s revenue also saw an 82% QoQ increase, reaching $1.9 million, derived from network transaction fees.
NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, a robust 42% QoQ increase. The network also witnessed a surge in daily new addresses, totaling 236,000, and surpassed the milestone of 100 million total accounts.
The protocol experienced sustained transaction activity throughout Q1 2024, with daily transactions reaching 4.3 million, a 78% QoQ increase and a 538% increase over the last six months. NEAR’s TVL also saw substantial growth, ending the quarter at $335 million, a 163% increase from the previous quarter and a 547% increase over the last six months.
NEAR’s DEX volume experienced a notable surge, with an average daily volume of $8 million, representing a 95% QoQ increase. Ref Finance emerged as the leading DEX on the protocol, surpassing Orderly Network.
In terms of price action, NEAR has outperformed the top 20 cryptocurrencies with a 9.4% uptrend in the past seven days. It has successfully reclaimed the significant $7.40 price level, with bullish investors eyeing the $7.60 mark as a potential resistance level. The $8 mark could be the next target if this level is breached.
It is important to note that NEAR is still down over 64% from its all-time high of $20.4. Despite this, the positive performance and growth in key metrics indicate a promising future for NEAR.