Guy Turner, host of the Coin Bureau YouTube channel, is bullish on Ethereum (ETH) rivals, which have more than tripled in price since October 2023.
In a new video, Turner tells the Coin Bureau channel’s 2.41 million subscribers that the native token of layer-1 blockchain NEAR Protocol (NEAR) could rise about 151% from current levels if current conditions lead to an upward trend. keep going.
“If this demand-side momentum continues, NEAR could rise to $8 in the near term, consistent with the bull flag pattern seen forming during the week and the resistance area of previous cryptocurrency bull markets. $8.
The fact that NEAR has a market capitalization of only about $3.5 billion means it has a lot of room to grow compared to other layer 1 blockchains.”
A bull flag is a continuation pattern that indicates that an asset will continue to rise after a period of consolidation.
NEAR is trading at $3.19 at the time of this writing, approximately 228% higher than its October 2023 low of $0.971.
The Coin Bureau host also says that demand for NEAR has “grown exponentially” based on on-chain data.
“(NEAR’s) total number of wallets is approaching 100 million, the number of daily active wallets is approaching 1 million, and the number of daily transactions has been parabolic since last September…
Moreover, the total value locked (TVL) in NEAR’s decentralized finance protocol has also started to grow rapidly.”
TVL represents the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of the cryptocurrency ecosystem.
In the long term, Turner says NEAR could reach even higher levels.
“If NEAR follows (Solana’s) footsteps in previous bull markets, it could rise more than 20x during this bull market. But make no mistake. It won’t be ‘up only’.”
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