Near Protocol Flips Solana: Why NEAR Token May Be Undervalued

Near Protocol (NEAR) has surged past Solana in daily active users, with the milestone putting the Layer-1 (L1) blockchain in the spotlight.

While the NEAR price has been down by over 5% in the last 24 hours, analysts say it may be undervalued.

Why NEAR Protocol’s Surge Might Be the Market’s Best-Kept Secret

The Near protocol reached 3 million daily active users recently, securing the number-two spot among all L1 blockchains.

According to market analyst Lennaert Snyder, this achievement suggests accelerating adoption for the Near Protocol.

“NEAR just flipped Solana in daily active users…By hitting 3,000,000 daily active users, NEAR Protocol is now ranked 2nd among all L1s,” Snyder wrote.

While user growth alone is notable, technical analysts believe the price chart could be hinting at an even bigger move ahead.

Some traders point to a clean double bottom pattern above major support. Analysts associate this technical formation or chart pattern with smart money accumulation in crypto trading.

Drawing parallels to the Wyckoff Strategy, the analyst suggested that if NEAR follows the historical playbook, the next phase could be a sharp upward move.

Meanwhile, the bullish case goes beyond chart patterns. Some traders see NEAR as a fundamentally undervalued play when compared to other top-tier blockchains.

Analyst Santolita described it as one of the best asymmetric bets right now, citing multiple catalysts over the next two years.

“From here to 2026, the chart is loaded with growth catalysts, AI integration, institutional adoption, bridge expansions, and a protocol upgrade,” Santolita noted.

Santolita projects the Near Protocol price reaching $10.82. With the NEAR token trading for $2.61 as of this writing, the target estimate would constitute a 315% climb above current levels.

NEAR Protocol’s Rising Buzz: Signal of a Breakout or Just Market Noise?

These factors appear to be resonating with retail sentiment as well. Kyren, a DeFi researcher and crypto podcaster, highlighted that NEAR is trending upward on Google Trends.

“Google Trends on NEAR [is soaring]. I sense the next leg up is NEAR upon us,” he said.

The Google Trends metric often correlates with increased investor curiosity and new inflows.

NEAR’s recent performance and ecosystem developments point to a narrative shift. The network’s ongoing upgrades and institutional partnerships could help solidify its position as more than just a competitor to Solana. Such a move could make it a market leader in user engagement and transaction throughput.

Still, technical setups alone may not guarantee a rally with the broader crypto market sensitive to macroeconomic conditions.

Analysts caution that while the Wyckoff accumulation phase often precedes major moves, external factors such as liquidity flows and regulatory developments will determine how far NEAR can run.

The post Near Protocol Flips Solana: Why NEAR Token May Be Undervalued appeared first on BeInCrypto.

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