A closely watched crypto strategist thinks an Ethereum (ETH) rival flying under the radar will see a major spike in market cap.
Pseudonymous analyst The Crypto Dog tells his 750,500 followers on social media platform X that the smart contract platform Near (NEAR) is currently trading below its fair value.
According to the crypto trader, Near has the fundamentals to compete for a spot in the 10 largest digital assets by market capitalization list.
“I was aiming for ~$3, but I was starting to think NEAR won’t drop any further.
Still incredibly underrated, a top 10 contender.
Strong technology and well capitalized, it just needs a story and some retail FOMO (fear of missing out). A pump stimulates both.”
At the time of writing, NEAR is the 24th largest cryptocurrency by market cap, trading at $3.75.
As for his price target for the altcoin, The Crypto Dog thinks that it is within the realm of possibility that NEAR will rise by more than 86% in the coming weeks.
“No idea of the exact timeline, but I do think $7 is a good target in the relatively short term.”
Looking at ETH rival Solana (SOL), the trader thinks the crypto asset still has more gas in the tank after clearing its diagonal resistance.
“I think SOL still has more to go. Breaking the diagonal should send us to $120.”
At the time of writing, SOL is trading at $110.54, well above trader diagonal resistance.
Switching his attention to Bitcoin, the trader say that while the adoption of a BTC exchange-traded fund in the spot market could cause greater volatility, he believes any correction will be an opportunity for long-term investors to grab the best cryptocurrency by market cap.
“BTC ETF is not the end of the bull market, if that’s what you want to hear… It will be volatile, and if there is a big dip, it will be a great opportunity.”
At the time of writing, Bitcoin is worth $43,172.
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Featured image: Shutterstock/Elena Abrazhevich/INelson