NEAR Jumps 10% as Michaël van de Poppe Links Rally to Zcash Correlation

NEAR Protocol's price jumped over 10% on Sunday, according to analyst Michaël van de Poppe. The increase was linked to a nearly one-to-one correlation with Zcash (ZEC), which had recently made a new all-time high.

Van de Poppe stated that 'it's just a matter of time before we'll be seeing a big move upwards on $NEAR' and predicted the price could reach $4.50 to $5.00 in the next few weeks, representing an 87% to 107% increase from its current trading price of $2.42.

The correlation between NEAR and ZEC was attributed to a larger trend where traders are moving away from Ethereum (ETH) and into smaller tokens that have outperformed it. Bankless founder David Hoffman had rotated his portfolio in May, selling off his entire ETH position and investing in Lit (LIT) and ZEC, which have since gained 369% and 110%, respectively.