NEAR Protocol surges 54% in a week, analysts predict further rally in 2024

NEAR Protocol tops daily and weekly gains in the crypto market, with a 54% surge this week.

The NEAR Protocol’s native token has demonstrated a remarkable performance in 2023. The value of NEAR has soared by over 175% this year, achieving a notable increase of 20% just today, reaching approximately $3.55. This surge has elevated the market capitalization of NEAR to about $3.5 billion.

The increasing adoption of the NEAR Protocol is evident through on-chain metrics. The count of active daily wallets on the network has seen a dramatic increase of 975%, from 93,000 to over a million, from Dec. 1 to Dec. 19. In parallel, the network’s total daily transactions have risen by 170% since Dec. 3.

Analysts anticipate a surge in discussions and interest in the NEAR Protocol in the forthcoming weeks as it gains more visibility. Thanks to its lower, fully diluted valuation and arguably superior technology, NEAR is positioned for substantial growth, especially compared to rivals such as TIA.

There’s also a narrative among analysts that retail investors have maintained their interest despite venture capitalists stepping back from NEAR during the cryptocurrency downturn. This trend suggests that when institutional investors re-engage with the cryptocurrency market in future cycles, these retail investors might be able to sell their holdings at significantly higher prices.