NEAR Protocol is trading at $1.39 despite strong fundamentals and rising network activity.
The current price reflects a gap between valuation and on-chain performance. Key metrics show tightening supply and steady revenue growth across the network.
The setup points to a potential repricing phase as usage continues to expand.
Tokenomics and revenue trends point to upside potential
Michaël van de Poppe stated that NEAR Protocol could reach $3 to $5 in the coming months. He linked this outlook to improving tokenomics and consistent revenue generation.
The network now issues about 32 million tokens annually at a 2.5% inflation rate. This reflects a 50% reduction from previous issuance levels.
He added that 99% of tokens already circulate, which limits sell pressure from future unlocks. Around 45.5% of the total supply remains staked, reducing the liquid supply in the market. This structure supports stronger price stability.
NEAR generates an estimated $50–60 million annually from fees. This figure comes from the recent 90-day run rate.
The protocol applies a 70/30 gas fee split, where 70% of fees are burned. This mechanism reduces the circulating supply over time.
Van de Poppe said NEAR appears undervalued under current conditions. He compared its valuation with that of major networks.
Ethereum trades at a price-to-sales ratio of 194x, while Solana stands near 40x. NEAR trades at an Intents-adjusted ratio of 28x. This gap highlights potential for upward repricing as activity increases.
NEAR intents volume drives deflationary outlook
NEAR Intents forms the core of the protocol’s updated economic model. Launched in February 2025, it directs all fees toward purchasing NEAR tokens.
This system supports a shift toward a deflationary structure.
For NEAR to become net deflationary, daily Intents volume must reach $177 million. The current 90-day average stands at $77 million per day. This means volume needs to roughly double to meet that threshold.
Over the past 30 days, Intents recorded $2.1 billion in total volume. This figure annualizes to approximately $25 billion. Growth has accelerated since the mechanism launched.
Van de Poppe applied a conservative 50–100% annual growth rate in projections. He estimated daily volume could reach $100–150 million by late 2026. By 2027, projections show $200–300 million in daily volume.
He applied a 40x price-to-sales ratio to projected annual fees of $150–180 million. This places NEAR between $4.65 and $5.60. Under a higher growth scenario, projections show a range of $7 to $10 within 12 months.
NEAR Protocol market outlook
The 1-day chart for NEAR Protocol shows a prior downtrend followed by a gradual recovery.
Price formed lower lows before stabilizing and reversing upward. Recently, the market has shifted into a mild uptrend with higher lows forming.
The current price is around $1.41, reflecting consolidation near resistance. This aligns with broader expectations of NEAR trading between roughly $1.15 and $1.4.
NEAR 1-day price chart, Source: TradingView
The RSI sits near 62, indicating growing buying pressure without overbought conditions. The RSI moving average trends upward, supporting momentum continuation.
The MACD shows a bullish crossover with positive histogram bars increasing. This signals strengthening upward momentum after a previous bearish phase.
