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Near Protocol (NEAR) Price Prediction for 2024

5 mins
Updated by Ananda Banerjee
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Near Protocol is a unique blockchain that aims to solve problems of scalability. Its native token for the protocol, NEAR, has been one of the best performers in 2023, increasing by nearly 200%. The performance has caught the attention of investors, who want to see what the future may hold for it.

Here, we take a look at a Near Protocol price prediction for 2024, using token analysis, analysis of the past years’ charts, and other factors to make an educated guess at where the price might go.

This article may be outdated, we suggest you visit our new Near Protocol Price Prediction tool.

What is NEAR Protocol (NEAR)? 

Near Protocol is a layer-one blockchain, meaning that it improves the blockchain rather than building on top of it. It aims to eliminate issues such as slow transaction speeds, high costs, or a lack of interoperability. 

In order to tackle the scalability problem, NEAR uses ”Nightshade,” its own consensus mechanism that is an improved variation of sharding.

Sharding splits the entire network into several segments, which are called shards. This greatly increases transaction speeds, since instead of the entirety of the nodes, only those from the selected shard validate the transactions.

The tech behind NEAR:

The difference of Nightshade relative to regular sharding is that Nightshade goes further into splitting the shard into multiple parts, further increasing transaction speeds. Therefore, Near protocol will scale linearly as the number of shards increase. So, if the network becomes more congested, this will greatly help in processing increased transactions.

Currently, Nightshade has four shards, which allows it to process 2500–3000 transactions per second. Phase 2 and Phase 3 of Nightshade are expected to launch in 2023-24.

Finally, the NEAR foundation has announced $800 million in funding to support the growth of the ecosystem.

Did you know? NEAR Protocol’s approach to smart contract deployment is termed progressive deployment, allowing developers to bring in incremental developments without having to re-deploy the entire contract.

Tokenomics

Near Protocol price prediction

The native token for the platform is NEAR. It powers both the blockchain and all applications that use the token. It also allows users to store data on the network. The token has a maximum supply of 1 billion. There is a fixed 5% of total supply issuance each year, the majority of which goes to validators. Do note that this makes NEAR inflationary.

“The ETH Killer” is NOT Solana. It’s @NEARProtocol.”

Cade Joyage: Founder of Joyage Kingdom: X

NEAR is used by two groups of individuals: 

  • Application users: The token is used to pay for transactions in applications that are built on top of the platform. 
  • Validators and delegators: The nodes that run the network are compensated by block rewards since Near uses a proof-of-stake mechanism

The platform has also launched the NEAR wallet, which supports staking.

NEAR Protocol in 2023:

Current price movement with a focus on 2024

Let us dive right into the 2024 NEAR price prediction with a detailed analysis:

As of December 29, 2023, NEAR is trading at $3.86. Do notice that the Price Candles are making higher highs. Even the RSI is making higher highs, but the slopes aren’t as steep, indicating a more conservative momentum at the counter.

NEAR Price analysis 2023: TradingView

Also, NEAR seems to have broken out of the ascending triangle/wedge pattern, reaching a high of $4.3 in 2023. If the surge continues, post a small consolidation, the ideal 2024 price could go up to $4.9. As for the low, based on the existing support levels, NEAR in 2024 shouldn’t go lower than $2.061.

Price analysis in 2021

2024 is based on the 2023 data. Let us now take a closer look at the crucial support and resistance lines that surfaced in 2022, when NEAR made an all-time high of $20.42.

NEAR appeared to break out from a descending resistance line and reached a new all-time high price on Dec. 15, 2021. However, it failed to sustain the upward movement and created a very long upper wick. 

Despite this initial setback, the token regained its footing on Dec. 21 and broke out decisively two days later, reclaiming the $12.10 area in the process. This area is now expected to act as support in case a short-term decrease transpires. 

The closest resistance areas are at $17.5 and $24.5, the 1.61 and 2.61 external Fib retracement resistance levels, respectively. Both the RSI and MACD support the continuation of the upward movement. The former has just crossed above 70 while the latter is positive and increasing.

NEAR daily movement
Chart By TradingView

The 2022 analysis reveals that $24.5 should be the next level for NEAR to breach and it couldn’t do it during the 2021 bull market and even in 2022.

NEAR Protocol price prediction for 2022

In case you are expecting a bullish market scenario in 2024, it makes sense to look at the price prediction of 2022-23, which might come back in contention.

Beginning on Oct. 20, NEAR increased by 1725% in 132 days. This was likely wave one of a five wave upward movement. Afterward, the token fell and resumed its downward movement until Jul. 2021.

Another upward movement began afterward, which was much steeper. The token increased by 716% in only 48 days. However, what followed afterward was that the token decreased below the prior high (red line). This meant that the increase was not wave three, rather, it was just a part of wave three. 

So, it seems likely that NEAR is in sub-wave three (black) of wave three (white). When using the length of wave one, there is a clear resistance at $30–$33. Therefore, it is entirely possible that NEAR reaches values between $30–$33 in 2022.

Based on data from 2021, the crucial resistance of $24.5 needs to be breached for NEAR to reach close to $33.

NEAR Count
Chart By TradingView

What makes NEAR unique?

The unique aspect of NEAR is ”Nightshade,” its variation on the sharding mechanism. While it is still in its early stages, it will eventually allow the protocol to handle limitless transactions without experiencing a drop in performance. This makes it a very attractive project since due to this mechanism, it would not experience any setbacks even if it gained mass adoption.

Frequently asked questions

What is Near protocol?

How does Near achieve scalability?

How can developers build on Near Protocol?

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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