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.
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Featured Image: Shutterstock/Elena Abrazhevich/INelson
Source: https://dailyhodl.com/2023/12/25/analyst-says-this-incredibly-undervalued-ethereum-rival-is-a-contender-for-top-10-largest-crypto-assets-list/