Near token could surge 225%, crypto analyst predicts

The Near Protocol token continues to face a challenging bear market, having dropped nearly 50% from its peak earlier this year.

On October 24, NEAR Protocol (which had a slight 1.65% change) was priced at $4.62, as Bitcoin (BTC) and many altcoins remained under downward pressure.

Despite this, crypto analyst Michael van de Poppe, who has over 700,000 followers on X, has forecasted a potential recovery for NEAR. He predicts the token could surge to a range between $10 and $15. Should it hit the higher end of his prediction, it would represent a 225% increase from its current price.

Near Protocol, a layer-1 blockchain leveraging sharding technology to improve performance, has faced challenges this year, underperforming relative to other newer networks.

According to DeFi Llama data, Near’s total value locked (TVL) in the DeFi space stood at $231 million as of October, down from a peak of $323 million earlier in the year. The leading decentralized applications (dApps) on the Near network include Burrow, LiNEAR Protocol, Meta Pool Near, and Ref Finance.

Compared to other emerging layer-1 and layer-2 networks, Near’s TVL remains relatively small. For instance, Base Blockchain, launched in 2023 by Coinbase, has already accumulated $2.43 billion in assets. Similarly, Sui boasts $1.01 billion, while Arbitrum holds $2.34 billion.

Near Protocol also holds a modest market share within the Decentralized Exchange (DEX) sector. Its DEX platforms have processed $26.3 million in transactions, a fraction of the volumes handled by chains like Mint, Injective, and Blast.

One contributing factor to Near’s underperformance is its lack of a meme coin ecosystem, a trend that has significantly boosted networks like Solana (SOL), which has emerged as the leading DEX blockchain in 2024.

On the bright side, Near Protocol has shown strong transaction activity. Data from Dune Analytics reveals that it processed 49.2 million transactions over the past week, with weekly active addresses rising by 11% to a total of 11.55 million.

Near token is nearing a key level

The daily chart of Near Protocol (NEAR) indicates a period of consolidation in recent days, with the token forming a symmetrical triangle pattern that is approaching its point of convergence. This pattern has developed during an uptrend, suggesting it could potentially signal a bullish continuation, often referred to as a “bullish pennant.”

Additionally, NEAR has formed an inverse head and shoulders pattern, a technical formation typically associated with further upward movement. For this bullish scenario to unfold, NEAR will need to break above the 50% Fibonacci retracement level at $5.012, as well as the 200-day moving average at $4.88. A successful move past these key resistance points could pave the way for additional gains.