Coin Bureau YouTube channel host Guy Turner is bullish on an Ethereum (ETH) rival that has more than tripled in price since October 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 rise by approximately 151% from current levels if the current conditions driving the uptrend, persist.
“If this demand-side momentum continues, NEAR could rise to $8 in the near term, consistent with the bull flag pattern that appears to be forming on the weekly market and the resistance zone of the previous crypto bull market that has also rounded . $8.
The fact that NEAR only has a market cap of around $3.5 billion means it has a lot of room to grow compared to the other layer-1 blockchains.”
A bull flag is a continuation pattern that indicates an asset will continue to rise after a consolidation period.
NEAR is trading at $3.19 at the time of writing, up about 228% from the October 2023 low of $0.971.
The Coin Bureau host also says that based on on-chain data, demand for NEAR has “become exponential.”
“The number of [NEAR’s] the total number of wallets is about to reach 100 million, the number of daily active wallets is approaching one million, and the number of daily transactions has gone parabolic since last September…
To top it all off, the total value locked (TVL) in NEAR’s decentralized finance protocols is also starting to grow rapidly.”
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of a crypto ecosystem.
In the long run, NEAR could even reach much greater heights, Turner says.
“If NEAR follows [Solana’s] footsteps from the previous bull market, it could increase by more than 20x during this bull market. But make no mistake: it won’t be ‘up only’.”
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