dailyhodl.com
A closely followed crypto strategist thinks that one Ethereum ($ETH) rival that’s flying under the radar will see a big spike in market capitalization.
Pseudonymous analyst The Crypto Dog tells his 750,500 followers on the social media platform X that the smart contract platform Near ($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 cap list.
“Was targeting ~$3 but starting to think $NEAR won’t dip any further.
Still incredibly undervalued, a contender for the top 10.
Strong tech and well capitalized, it just needs a narrative and some retail FOMO (fear of missing out). A pump encourages both.”
At time of writing, $NEAR is the 24th-largest crypto by market cap and is trading at $3.75.
As for his price target for the altcoin, The Crypto Dog thinks that it is within the realm of possibility for $NEAR to rally by over 86% in the coming weeks.
“No idea on the exact timeline but I do think $7 is a good relatively near-term target.”
Looking at $ETH rival Solana ($SOL), the trader thinks that the crypto asset still has more gas left in the tank after taking out its diagonal resistance.
“I think $SOL has more to go. Breaking the diagonal should send us into the $120s.”
At time of writing, $SOL is trading for $110.54, well above the trader’s diagonal resistance.
Shifting his attention to Bitcoin, the trader says that while the approval of a spot market $BTC exchange-traded fund could trigger increased volatility, he believes any correction will be an opportunity for long-term investors to load up on the top crypto by market cap.
“$BTC ETF is not the end of the bull market, in case you needed to hear that… It will be volatile, and if there’s a big dip it will be a great opportunity.”
At time of writing, Bitcoin is worth $43,172.