NEAR Price Rally: 9.0% Gain Recaptures Key Level, and 160% TVL Growth in Q1.

Near Protocol has experienced impressive growth during Q1 of 2024, driving its native token NEAR back up into critical levels and opening the way to another possible all-time-high (ATH) from January 2022.
Messari recently reported that NEAR witnessed significant increases in market capitalization, revenue, active addresses and Total Value Locked (TVL), solidifying its position amongst top cryptocurrency market participants.
NEAR Outperforms Bitcoin And Ethereum
NEAR’s market cap increased dramatically during Q1 2024 with both its circulating market cap rising 94% quarter-on-quarter (QoQ), as well as fully diluted market capitalization growing 91% quarter-on-quarter – propelling NEAR’s placement among the top 20 cryptocurrency by market capitalization.

Notably, NEAR outperformed Bitcoin (BTC) and Ethereum (ETH), which experienced QoQ growth rates of 69% and 53%, respectively. Furthermore, network transaction fees generated revenue of NEAR experienced an 82% quarter-on-quarter rise, reaching $1.9 Million!
NEAR continued its address expansion trend during Q1 2024, reaching over one million average daily active addresses a day – representing an impressive 42% quarter-on-quarter gain.
In 2018, our network also saw an unprecedented spike in daily new addresses with 236,000 added daily, up by 37% year over year and passing the milestone of 100 Million total accounts.
Messari attributes this growth to contributions from established protocols like KAIKAINOW, Sweat and Playember as well as HOT Wallet’s adoption by an estimated daily active address count of 350,000 per day during March — which accounts for almost 3 million total wallets overall.
Stablecoin Market Cap Surges In Q1
According to the report, Stablecoin experienced an exponential surge in transaction activity over Q1 2024, reaching daily transaction totals of over four million daily – representing 78% quarter-over-quarter growth and 538% over six months.
NEAR’s TVL segment also saw dramatic expansion, reaching $335 Million at quarter-end; an 183% jump over previous quarter and 547% boost since six months prior.
NEAR has reached $335M in TVL. Source: Messari
Additionally, NEAR’s decentralized exchange (DEX) volume experienced an exponential spike with daily volumes reaching $8 million on average – representing 95% quarterly increases year over year! Ref Finance emerged as the premier DEX on NEAR protocol with daily volumes exceeding Orderly Network by over 50% daily volume!
NEAR saw its market cap increase significantly during Q1 2024 by 176% year-on-year to $214 million; USDT saw even larger increases with market cap increasing 1,155% quarter on quarter. These gains enabled both stablecoins to surpass $88 million as market capitalization.
NEAR Protocol’s Native Token Has Outperformed Top 20 Cryptocurrencies
Regarding price action, NEAR Protocol’s native token has outshone 20 top cryptocurrencies by outperforming with an impressive 9.4% uptrend over seven days; Bitcoin experienced only minor price correction of 1.5% during that same time frame.
NEAR has seen its share price reclaim the crucial $7.40 level, an important target for bullish investors.
As Bitcoin continues its ascendant trajectory, $7.60 may prove a potential resistance level and serve as a crucial benchmark to track. Breaking it could open the way to another test of $8 and signal even greater upward momentum – potentially signalling further growth momentum if successful.

Conversely, $6.80 has proven its relevance as an effective support level over recent days and weeks – it was tested over the weekend and prevented further price declines from occurring.
Even as NEAR continues to climb upwards in price, its all-time peak of $20.4 was reached back in 2022. A daily chart illustrates NEARUSD on TradingView shows an uptick trend as of January 2019. Source: Shutterstock for image; TradingView for chart
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