NEAR’s Revenue Beat 2025 in 4 Months. Is It Crypto’s Top AI Value Play?

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<a href="https://jpykr.com/near-usd/">NEAR</a>’s Revenue Beat 2025 in 4 Months. Is It Crypto’s Top AI Value Play?

Key Takeaways

  • NEAR price: $1.292, below 50MA, 100MA and 200MA.
  • April peak: $1.48 on April 17, current decline approximately 12.7%.
  • Market cap: $1.7B.
  • 2026 revenue first 4 months: 12M NEAR tokens = $15.6M.
  • Annualized 2026 revenue projection: $40-60M.
  • Pre-2026 total revenue: $10M.
  • Current P/S ratio: NEAR 34x, Solana 40x, Ethereum 200x.

The Price That Is Falling And The Revenue That Is Not

NEAR Protocol reached a high of around $1.48 on April 17th, but has been steadily falling for the past two weeks. It has now dropped below its 50-day, 100-day, and 200-day moving averages. Currently, NEAR is trading at $1.292, which is 12.7% lower than its April high. The Relative Strength Index (RSI) is at 45.59 and 42.28, suggesting it’s nearing oversold territory, but hasn’t reached it yet. All major moving averages – the 200-day at $1.359, the 100-day at $1.323, and the 50-day at $1.302 – are below the current price and trending downwards, indicating a bearish outlook.

As a researcher tracking NEAR Protocol, I’ve noticed a significant disconnect between its on-chain revenue and its price action. Analyst Michael van de Poppe’s data shows that NEAR generated $15.6 million in revenue in the first four months of 2026 – already exceeding the total $10 million earned throughout all of 2025. If this rate continues, we could see full-year revenue for 2026 reach $40 to $60 million, representing a massive 400-500% jump. It’s unusual to see revenue accelerating while the price declines, and this suggests that either the revenue figures or the price trend isn’t accurately reflecting NEAR’s future direction.

The P/S Comparison That Makes NEAR Look Cheap

The analysis focuses on the price-to-sales ratio for these companies. NEAR currently has a P/S ratio of 34, Solana’s is 40, and Ethereum’s is 200. Traditional Web2 companies typically trade at between 15 and 30 times their sales. While OpenAI and Anthropic are valued higher, they currently generate less revenue than NEAR is projected to.

is extremely undervalued.

All of the tokens are currently available, and the system is designed to reward and encourage people to use them.

Nobody is interested into AI <> protocols.

And that’s where the real alpha is.

The current valuation of is…

— Michaël van de Poppe (@CryptoMichNL)

Van de Poppe points out that a key comparison isn’t being made: considering quality alongside price. Ethereum’s high price (200x) is justified by its well-established ecosystem, high trading volume, and acceptance by institutions. Solana’s price (40x) is also high because it has the most active developers and is popular with individual investors among its competitors. However, NEAR being cheaper (34x) doesn’t necessarily mean it’s a bargain. The market may be correctly assessing the risks that NEAR’s growth could slow down, or that its ecosystem may not become as large or active as those of Ethereum and Solana.

According to analyst van de Poppe, the current trend is the convergence of Artificial Intelligence and Cryptocurrency (AI x Crypto). NEAR Protocol is strategically positioning itself as a blockchain that works well with AI, a sector currently receiving a lot of investment. Recent top-performing assets, like SKY (+549%) and EDGE (+96%), were both focused on AI and Decentralized Physical Infrastructure (DePIN). The market is starting to value AI infrastructure projects higher. NEAR, with a Price-to-Sales ratio of 34x and 400% revenue growth, and its focus on AI, is well-positioned to benefit if this trend continues, particularly if investors favor projects with real revenue over just hype.

What The Revenue Model Requires To Be Correct

Van de Poppe predicts revenue will grow to $10 million in 2025, then rapidly increase to $50 million in 2026, $150 million in 2027, $300 million in 2028, $450 million in 2029, and finally $585 million by 2030. While growth remains strong, the percentage increase each year decreases, following a typical pattern for new technologies. Based on current market valuations (34 times price-to-sales ratio), this level of revenue could result in a market capitalization of $17 to $20 billion by 2030 – a potential return of 10 to 15 times the current $1.7 billion valuation.

For our projections to be accurate, three things need to happen. First, the current revenue trend needs to continue – we need to see roughly $15.6 million per month for the rest of the year to reach a total of $40-60 million. Second, investment needs to flow specifically into NEAR, and not its competitors, due to the growing interest in AI and cryptocurrency. Third, the market needs to maintain its current valuation of crypto projects; if valuations decrease as these projects mature, revenue growth won’t translate into the price increases we’re predicting. None of these outcomes are certain. While early revenue data from the first four months of 2026 looks promising, the current price chart doesn’t support our expected timeline.

The Technical Picture And The Fundamental Thesis Are On Different Clocks

There’s a mismatch in how quickly NEAR’s potential is likely to unfold. Technically, based on price patterns and indicators, any gains or losses will probably happen over days or weeks. However, the strong reasons for believing in NEAR – like its 400% revenue growth and potential as an AI platform – suggest it could take years to see the full impact and a potential 10 to 15 times return by 2030.

These two seemingly opposing signals – a falling price and growing revenue – aren’t necessarily contradictory. An asset that’s truly undervalued can still temporarily drop in price. The key question is whether this price drop presents a good buying opportunity, confirming the belief that the asset is fundamentally strong, or if it’s a warning sign. This warning could indicate slower growth, increased competition, or a general downturn in the market that affects all similar assets, even those with strong revenue.

A monthly closing price above $1.48 (the high from April), combined with monthly revenue staying above 3 million NEAR tokens, would confirm the expected upward trend. This means both price and revenue are increasing together. Conversely, a monthly close below $1.15 (the April low) and a drop in monthly revenue below 2 million NEAR tokens would suggest this upward trend is losing momentum, as both price performance and revenue growth are weakening.

This article is for informational purposes only and shouldn’t be considered financial, investment, or trading advice. Coindoo.com doesn’t support or suggest any particular investment or cryptocurrency. Before making any investment choices, be sure to do your own research and talk to a qualified financial advisor.

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2026-05-02 12:36