Prominent crypto analyst Michaël van de Poppe has published a detailed assessment declaring NEAR Protocol (NEAR) as one of the most undervalued assets in the current market. He argues that the token's price is trading far below its true value, creating a significant disconnect between its market valuation and its underlying fundamental growth.
Van de Poppe roots his bullish thesis in two primary factors: ecosystem expansion and technical positioning. He draws a direct parallel to the market sentiment at the end of 2019, a period of extreme skepticism where tokens were widely dismissed as having no purpose, which preceded a major bull run for top performers. The analyst rejects the notion that tokens lack utility, specifically pointing to the rapid growth of the NEAR ecosystem as evidence of real-world purpose and adoption.
A central pillar of his argument is the exponential growth of NEAR Intents, a key mechanism driving network activity. He states that this level of usage and developer momentum is not reflected in the current market price, labeling this divergence a "mispricing." Historically, such gaps between price and fundamentals resolve with sharp upward repricing.
From a technical perspective, van de Poppe notes that NEAR is moving inside a defined downtrend channel but continues to hold above the $1.60 support zone, which has repeatedly acted as a stabilizing floor. The chart shows the token trading at its lowest valuation zones since early October and late November. He emphasizes that the sell-off reflects mispricing rather than weakening fundamentals, noting that token demand is rising while market sentiment remains overly cautious.
The analyst outlines key resistance levels for a potential reversal. A move back above $1.80 would be an early sign of returning bullish momentum, with a clean reclaim of the $2.00 level serving as a stronger confirmation. He believes that reclaiming this area typically leads to price acceleration, especially given the oversold conditions.
Looking ahead, van de Poppe concludes that NEAR's current structure is not indicative of a prolonged bearish trend. He projects a clear path for NEAR to reach $3 in the first quarter of 2026, contingent on the token reclaiming the highlighted resistance levels and a broader sentiment shift back into undervalued Layer-1 blockchains. He describes the current state as a "neutral-to-oversold window" where downside appears limited and a recovery becomes increasingly likely.
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