The host of the Coin Bureau YouTube channel, Man Turner, is bullish on an Ethereum (ETH) rival that’s greater than tripled in worth since October of 2023.
In a brand new video, Turner tells the two.41 million subscribers of the Coin Bureau channel that the native token of the layer-1 blockchain NEAR Protocol (NEAR) might go up by round 151% from the current degree if the present situations driving the upward pattern persist.
“If this demand-side momentum continues, NEAR might rally as excessive as $8 within the quick time period, per the bull flag sample which seems to be forming on the weekly and the zone of resistance from the earlier crypto bull market which is likewise round $8.
The truth that NEAR solely has a market cap of round $3.5 billion implies that it has lots of room to develop relative to the opposite layer-1 blockchains.”
A bull flag is a continuation sample that implies an asset will proceed rising after a consolidation interval.
NEAR is buying and selling at $3.19 at time of writing, up by round 228% from the October of 2023 low of $0.971.
The Coin Bureau host additionally says that primarily based on on-chain knowledge, the demand for NEAR has “gone exponential”.
“The variety of [NEAR’s] complete wallets is about to hit 100 million, the variety of each day energetic wallets is approaching a million and the variety of each day transactions has been going parabolic since final September…
To prime all of it off the whole worth locked (TVL) in NEAR’s decentralized finance protocols is beginning to develop quickly too.”
TVL refers back to the quantity of capital deposited inside a protocol’s sensible contracts and is commonly used to gauge the well being of a crypto ecosystem.
Over the long run, Turner says NEAR might even attain far better heights.
“If NEAR follows [Solana’s] footsteps from the earlier bull market, it might rally by greater than 20x throughout this bull market. However make no mistake, it received’t be ‘up solely’.”
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