Guy Turner, host of the Coin Bureau YouTube channel, predicts a 151% surge in NEAR’s price in the short term.
Guy Turner, a prominent crypto analyst and host of the Coin Bureau YouTube channel, has expressed bullish sentiment toward NEAR Protocol (NEAR), an Ethereum rival that has witnessed a remarkable price increase since October 2023. In a recent video, Turner shared his insights with his 2.41 million subscribers, highlighting the potential for NEAR to rally significantly in the near future.
NEAR’s Bullish Momentum: A Deeper Dive
Turner’s analysis suggests that NEAR’s upward trend could continue if current market conditions persist. He points to the formation of a bull flag pattern on the weekly chart, indicating a potential continuation of the rally. Additionally, the resistance level from the previous crypto bull market, around $8, could act as a target for NEAR’s price movement.
The analyst emphasizes the relatively small market capitalization of NEAR, currently around $3.5 billion, which provides ample room for growth compared to other layer-1 blockchains.
On-Chain Data Reveals Growing Demand for NEAR
Turner presents on-chain data to support his bullish outlook. He notes the exponential growth in NEAR’s total wallets, daily active wallets, and daily transactions since September 2023. Moreover, the total value locked (TVL) in NEAR’s decentralized finance (DeFi) protocols is also experiencing rapid growth.
Long-Term Potential: Following Solana’s Footsteps
Turner believes that NEAR has the potential to achieve even greater heights in the long term. Drawing parallels to Solana’s performance during the previous bull market, he suggests that NEAR could potentially experience a 20-fold rally during the current bull market. However, he cautions investors that the journey will not be without volatility.
Disclaimer: The Importance of Due Diligence
The analyst emphasizes the importance of due diligence for investors, urging them to conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. He reminds readers that all transfers and trades are at their own risk and that FastPayCrypto does not provide investment advice.
