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9% Surge Recaptures Key Level and Records 160% TVL Growth in Q1 – TradingView News

Decentralized application platform (dApp) Near Protocol showed notable growth in key metrics during the first quarter (Q1) of 2024, helping its native token NEAR regain a crucial key level and paving the way for a possible retest of its all-time high (ATH) from January 2022.

According to a recent report from 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.

NEAR outperforms Bitcoin and Ethereum

In the first quarter of 2024, NEAR’s circulating market capitalization rose to $7.2 billion, marking a 94% quarter-over-quarter (QoQ) increase. The fully diluted market capitalization also saw substantial growth, reaching $8.2 billion, representing a 91% quarter-over-quarter increase. These figures ensured that NEAR secured a place in the top 20 cryptocurrencies in terms of market capitalization.

NEAR
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Notably, NEAR outperformed Bitcoin (BTC) and Ethereum (ETH), which posted quarter-over-quarter growth of 69% and 53%, respectively. Additionally, NEAR’s revenues from network transaction fees increased 82% quarter-over-quarter to $1.9 million.

NEAR continued its growth trend in the first quarter of 2024, with the average number of daily active addresses reaching 1.2 million, representing a robust 42% quarter-over-quarter increase.

The network also witnessed an increase in the number of daily new addresses, reaching a total of 236,000 (up 37% quarter-on-quarter), surpassing the milestone of 100 million total accounts.

According to Messari, contributions from established protocols such as KAIKAINOW, Sweat and Playember and the adoption of HOT Wallet, which averaged more than 350,000 daily active addresses in March and nearly 3 million wallets in total, drove this expansion.

Stablecoin market cap rises in Q1

According to the report, the protocol saw a sustained increase in transaction activity during the first quarter of 2024, with the number of daily transactions reaching 4.3 million, representing a 78% increase quarter-on-quarter and a 538% increase over the past six months.

Similarly, NEAR’s TVL witnessed substantial growth, ending the quarter at $335 million, up 163% from the previous quarter and up 547% over the past six months.

NEAR
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Additionally, NEAR’s decentralized exchange (DEX) volume saw a notable increase, with an average daily volume of $8 million, representing a 95% quarter-over-quarter increase. Ref Finance emerged as the leading DEX on the protocol, with $6 million in daily volume, surpassing Orderly Network.

Finally, in the first quarter of 2024, NEAR saw a significant increase in the market capitalization for stablecoins, which rose 176% quarter-over-quarter to $214 million. USDT in particular saw significant gains, with its market capitalization rising 1,155% quarter-on-quarter to $88 million.

Outperform the top 20 cryptocurrencies

In terms of price action, NEAR Protocol’s native token has shown strong performance, outpacing the top 20 cryptocurrencies on the market with an uptrend of 9.4% over the past seven days. Meanwhile, Bitcoin has experienced a small price correction of 1.5% over the past 24 hours.

This positive trend has allowed NEAR to regain the significant price level of $7.40, which is important for bullish investors.

Looking ahead, the $7.60 mark could represent a potential resistance level for the token, which could provide a crucial barrier for monitoring. It could pave the way for a retest of the $8 barrier, which would signal further upside momentum if it is successfully breached.

Conversely, the $6.80 mark has demonstrated its significance as a key support level. It was tested earlier this weekend and effectively prevented a bigger price drop.

Despite the optimistic outlook, it is important to note that the token remains more than 64% lower than its all-time high of $20.4 reached in 2022.

Featured image from Shutterstock, chart from TradingView.com