NEAR Protocol Price Analysis: Why $1.39 Could Be a Launchpad Toward $5 and Beyond

Table of Contents NEAR Protocol is drawing renewed attention from crypto analysts as its current price of $1.39 appears disconnected from its underlying fundamentals. Crypto analyst Michaël van de Poppe recently outlined a detailed case for why the asset could reach $3–5 in the coming months. The analysis covers token supply dynamics, staking rates, revenue generation, and the growing volume on NEAR Intents — a fee-buyback mechanism activated in February 2025. NEAR Protocol has seen meaningful changes to its tokenomics following 2025 protocol updates. The network now issues approximately 32 million tokens annually at a 2.5% inflation rate. That marks a 50% reduction from previous issuance levels. Combined with 99% of tokens already in circulation, there is minimal sell pressure from remaining unlocks. Around 45.5% of the total supply is currently staked, further tightening available supply on the open market. On the revenue side, NEAR generates an estimated $50–60 million annually. This figure is derived from the recent 90-day fee run rate. The base-layer gas fee model operates on a 70/30 split, where 70% of fees are permanently burned. Van de Poppe noted in his post: “NEAR is about to break upwards to $3–4 and it fully deserves it. This is a prime example of an asset severely underpriced in current market conditions.” $NEAR is about to break upwards to $3-4 and it fully deserves it. This is a prime example of an asset that's severely underpriced in the current market conditions. I don't see why it shouldn't go to $4-5 in the next months. The key metrics:– There's approx. 32 million tokens… pic.twitter.com/pGCptzsng0 — Michaël van de Poppe (@CryptoMichNL) April 13, 2026 Compared to Ethereum’s price-to-sales ratio of 194x and Solana’s 40x, NEAR currently trades at an Intents-adjusted P/S of just 28x. That gap points to a potential repricing as platform activity increases and volume metrics improve over time. NEAR Intents forms the core of the protocol’s updated economic model. Launched in February 2025, it directs 100% of Intents fees toward direct NEAR token purchases. For the protocol to become net deflationary, daily Intents volume must reach approximately $177 million. The current 90-day average sits at $77 million per day. That means volume needs to roughly double to cross the deflationary threshold. Over the past 30 days, Intents recorded $2.1 billion in volume, which annualizes to approximately $25 billion. That trajectory has accelerated since the mechanism went live. Van de Poppe applied a conservative 50–100% compound annual growth rate to project future performance. Under that model, daily volume could reach $100–150 million by end of 2026. By 2027, the figure could exceed $200–300 million, pushing NEAR firmly into net deflationary territory. Applying a 40x P/S ratio to projected annual fees of $150–180 million places NEAR’s price target at $4.65–$5.60. At a higher growth scenario, the analyst sees a $7–10 valuation as achievable within 12 months, based strictly on current volume momentum and fee metrics.