- Recent trends show steady, measured growth for NEAR’s Total Value Locked (TVL).
- NEAR could see a brief rally before potentially dropping to the $2.45 level.
Over the past 24 hours, NEAR Protocol [NEAR] has emerged as one of the market’s top gainers, surging by 10.42%. This marked its first double-digit gain following a month-long decline of 25.79%.
Despite the recent upward momentum, a broader perspective reveals potential obstacles that could hinder further growth. If these barriers hold, NEAR might face a drop into lower price regions.
Consistency amid declining activity
According to DeFiLlama, the Total Value Locked (TVL) on NEAR Protocol has maintained a steady range, oscillating between $259.85 million and $236.58 million.
At press time, the TVL stood at $253.52 million. This range often indicates active participation, though it leaves room for either a significant rally or a sharp decline.
Source: DeFiLlama
TVL represents the total value of assets locked in a blockchain’s smart contracts, showing the level of user engagement across activities such as staking, lending, and liquidity provision.
But the TVL doesn’t give much information as a standalone. To gain further insight into NEAR’s on-chain activity, AMBCrypto analyzed its fee data.
Higher fees often indicate increased network activity, while lower fees suggest a slowdown.
As of this writing, NEAR recorded its lowest fee generation in the past eleven days, with $21,680 collected.
This decline points to reduced user participation, which could negatively affect NEAR’s price performance and its ecosystem’s growth trajectory.
