NEAR Surges on Zcash Correlation, Van de Poppe Predicts 100% Price Increase
NEAR Protocol's price surged over 10% on Sunday, according to analyst Michaël van de Poppe. He attributed this movement to its nearly one-to-one correlation with Zcash.
Zcash recently surpassed Hyperliquid as the top altcoin by market cap, with a record $2.4 billion in open interest. Its 14-day relative strength index (RSI) is at 82.18, and it's trading over 2.5 times its 200-day moving average.
Van de Poppe pointed out that Zcash has already reached an all-time high, which further supports the idea of a strong correlation between NEAR and ZEC.
The retail sentiment around NEAR remains in the 'bullish' zone, with chatter shifting to 'extremely high' from 'high' over the past day. Van de Poppe predicted that NEAR could see an 87% to 107% increase if it reaches his target price of $4.50-$5.00.