NEAR could grow 400% before the end of this cycle, according to the Coin Bureau

According to the moderator of the crypto channel Coin Bureau, an ETH competitor is preparing for an epic rally before the end of the bull market.

In one Video The new, anonymous analyst Guy is optimistic about Near Protocol (NEAR), a blockchain that is scalable, stable and allows developers to build decentralized applications at a fraction of the cost of identities.

NEAR 4-Hour Price Chart | Source: Tradingview

According to Guy, the Rainbow Bridge enables users to move cryptocurrencies between Ethereum and Near, which takes the on-chain fundamentals of the coin to the next level.

“The trading indicators on the near blockchain are moving in the right direction. The number of daily transactions has increased 30-fold since the Rainbow Bridge was launched in March, and the total amount of gas issued has increased nearly 20-fold with no sign of slowing.

These strong fundamentals are clearly reflected in the recent price action of NEAR and the mid-size market cap of Near Protocol. Therefore, there is a possibility that Near will rise 3 to 5 more times before the bull market ends. ”

While Guy is optimistic about Ethereum’s rival, he addresses an issue that could affect Near Protocol’s ability to grow.

“Despite the many developments, updates, announcements, investments, and a decent fan base, Near Protocol doesn’t seem to have a very large user base. Now I suspect that this has to do with the fact that the NEAR token is not currently traded on any US stock exchange. ”

The analyst also mentioned that Near might have a hard time stepping out of the shadows of other larger smart contract platforms.

“The problem is that Near Protocol is losing ground to other crypto projects of similar caliber like Ethereum and especially Solana. Near Protocol Smart Contracts are encrypted with Rust. Solana’s smart contracts are also coded with Rust. That means that both projects may be competing for a small pool of Rust developers interested in crypto. ”

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