Crypto analyst Jamie Coutts believes NEAR Protocol (NEAR) is poised for a significant price increase.
Technical Analysis
According to Coutts, NEAR’s price momentum has been consolidating since March, forming a bullish pattern. A breakout above $7.60 could trigger a surge towards $10.50, representing a 30% gain.
Inverse Head and Shoulders Pattern
Coutts also points to NEAR’s inverse head and shoulders pattern, which suggests that buyers are accumulating the asset even without a price drop.
Bullish Trend Against Bitcoin and Solana
NEAR’s bullish momentum is expected to continue against both Bitcoin (NEAR/BTC) and Solana (NEAR/SOL).
Daily Active User Growth
Coutts highlights NEAR’s impressive daily active user (DAU) growth, which has outpaced other smart contract platforms. DAU has increased from 50,000 to 1.76 million in the past year.
User Growth Rate
NEAR’s user growth rate is 33 times higher than the combined growth rate of other layer-1 and layer-2 projects.
Current Price and Performance
At the time of writing, NEAR is trading at $7.14, down 3.6% in the last 24 hours.
