NEAR Protocol has had a strong year, with its growth rate rising 156% in 2024 driven by market momentum following the US election in November.
The total value locked (TVL) for DeFi increased from less than $100 million in Q3 2024 to $240 million by the end of the year, reflecting growing investor interest.
NEAR Price:
NEAR’s price surged 160% in the first half of 2024, but saw a correction over the summer.
After the election, the coin saw a 72% surge, but a December sell-off erased those gains, sending NEAR down to $3 after a 60% decline.
This decline was due to a drop in daily address activity and trading volume on DEXs, reflecting weak momentum.
What to expect in 2025?
NEAR was negatively affected by the bursting of the AI bubble after the emergence of DeepSeek, a competitor to OpenAI.
Technically, the weekly chart shows that NEAR could be at a potential bottom ($3), having previously bounced off it in March, August, and November 2024.
If this trend repeats, NEAR could target $4.7-$5 in the near term.
However, if the support level is broken, the coin’s price could be pushed towards $2, especially if macroeconomic pressures and the decline in DeFi activities continue.
NEAR’s movements remain subject to general market momentum, DeFi liquidity levels, and developments in the AI sector.
