Near Protocol (NEAR) has surpassed Solana in daily active users, putting the layer 1 (L1) blockchain in the spotlight.

Although the price of NEAR has dropped by more than 5% in the past 24 hours, analysts say it may be undervalued.

Why the rise of Near Protocol might be the most mysterious secret in the market

Near Protocol recently reached 3 million daily active users, securing the second place among all L1 blockchains.

According to market analyst Linart Snyder, this achievement indicates rapid adoption of the Near Protocol.

"NEAR has just surpassed Solana in daily active users... by reaching 3,000,000 daily active users, the NEAR Protocol is now ranked second among all L1s," Snyder wrote.

While user growth alone is notable, technical analysts believe that the price chart may indicate greater growth in the future.

Some traders point to a clear double bottom above an important support level. Analysts link this technical formation or chart pattern to smart capital accumulation in cryptocurrency trading.

Comparing this to the Wyckoff strategy, the analyst suggested that if NEAR follows the historical guide, the next phase could be a sharp upward move.

Meanwhile, the bullish outlook exceeds chart patterns. Some traders see NEAR as an undervalued investment compared to other top-tier blockchains.

Analyst Santolita described this as one of the best asymmetric bets currently, citing multiple catalysts over the next two years.

Santolita noted that "between now and 2026, the outlook will be loaded with growth catalysts, AI integration, institutional adoption, bridge expansions, and protocol upgrades."

Santolita predicts that the price of the Near Protocol will reach $10.82. Given that the NEAR token is trading at $2.61 at the time of this report, the target estimate represents a 315% increase from current levels.

The growing enthusiasm for NEAR's token: A signal for a breakout or just noise in the market?

These factors seem to interact with retail sector trends as well. Kieran, a decentralized finance researcher and cryptocurrency podcast host, noted that NEAR is experiencing an upward trend on Google Trends.

"Google trends for NEAR are on the rise. I feel that the next step on the road is close," he said.

Google Trends metrics are often associated with increased investor curiosity and new entries.

Recent developments in NEAR's performance and ecosystem indicate a shift in its direction. Continuous network updates and institutional partnerships could enhance its position as a company that transcends being just a competitor to Solana.

This move could make it a market leader in terms of user engagement and transaction rate. However, technical configurations alone may not guarantee a recovery, as the cryptocurrency market is generally affected by macroeconomic conditions.

Analysts warn 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 go.

Conclusion and guidance

This is an analytical reading and potential adoption opportunities, not investment advice. For more updates on NEAR and other cryptocurrencies, follow me and stay informed.

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