The host of the Coin Bureau YouTube channel, Guy Turner, is bullish on an Ethereum (ETH) rival that’s more than tripled in price since October of 2023.
In a new video, Turner tells the 2.41 million subscribers of the Coin Bureau channel that the native token of the layer-1 blockchain NEAR Protocol (NEAR) could go up by around 151% from the present level if the current conditions driving the upward trend persist.
“If this demand-side momentum continues, NEAR could rally as high as $8 in the short term, consistent with the bull flag pattern which appears to be forming on the weekly and the zone of resistance from the previous crypto bull market which is likewise around $8.
The fact that NEAR only has a market cap of around $3.5 billion means that it has a lot of room to grow relative to the other layer-1 blockchains.”
A bull flag is a continuation pattern that suggests an asset will continue rising after a consolidation period.
NEAR is trading at $3.19 at time of writing, up by around 228% from the October of 2023 low of $0.971.
The Coin Bureau host also says that based on on-chain data, the demand for NEAR has “gone exponential”.
“The number of [NEAR’s] total wallets is about to hit 100 million, the number of daily active wallets is approaching one million and the number of daily transactions has been going parabolic since last September…
To top it all off the total value locked (TVL) in NEAR’s decentralized finance protocols is starting to grow rapidly too.”
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
Over the long term, Turner says NEAR could even reach far greater heights.
“If NEAR follows [Solana’s] footsteps from the previous bull market, it could rally by more than 20x during this bull market. But make no mistake, it won’t be ‘up only’.”
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