Bitcoin surged to a new daily peak of $73,480, buoyed by optimistic signals from the United States about ongoing negotiations. Notably, Iran refrained from issuing any rebuttal statements, giving risk assets more room to breathe for now. For crypto investors, the immediate outlook remains center stage, with inflation up 1% last month and the Producer Price Index expected to follow suit. In this environment, renowned market analyst Michael Poppe has voiced bullish expectations for NEAR Coin, highlighting its short- and medium-term potential amid the shifting macro picture.
Is NEAR Coin set for a breakout?
NEAR Coin, long among Michael Poppe’s favorite altcoins, once again took the spotlight in his latest analysis. The analyst expects the coin to break above the $3–$4 range and extend toward the $5 mark, suggesting NEAR is significantly undervalued in current market conditions. His optimistic target stretches as high as $10. Poppe points to several key factors underpinning his bullish thesis:
- Roughly 32 million tokens issued annually at a 2.5% inflation rate—half the figure from 2025’s final updates.
- All venture capital tokens unlocked, with 99% of all tokens now in circulation.
- About 45.5% of all tokens are staked.
- Revenue over the past 90 days indicates a potential annual gain of $50–60 million.
- Base layer gas fees are split 70/30, with 70% of tokens permanently burned by protocol. All NEAR Intents fees go directly to buying NEAR through the protocol.
- The Intents fee buyback mechanism was activated in February, and its impact will reveal itself over time.
According to Poppe’s projections, with current prices and the 2026 fee model, the deflation threshold stands at about $177 million in daily Intents volume. The current 90-day daily average, despite poor market conditions, is $77 million. NEAR needs to roughly double its Intents volume to become deflationary.
NEAR (Intents) adjusted Price/Sales ratio: 28x
ETH: 194x
SOL: 40x
Market capitalization is around $1.7 billion, while annual fees hover between $50 million and $60 million. If Intents volume doubles and valuation ratios remain steady:
– At $140 million in daily volume and a 28x P/S, NEAR would be priced at $2.30.
– With a 40x P/S (comparable to SOL), NEAR would reach $3.30 per token.
If daily Intents surpass $177 million, Poppe forecasts NEAR could achieve a price range of $4.65–$5.60 based solely on an annual fee of $150–180 million and a 40x P/S ratio. Daily volumes of $100–150 million would put NEAR at the brink of deflation, while a jump to $200–300 million in Intents would cause notable supply contraction.
Poppe believes that if markets regain positive momentum and re-enter a bull run, NEAR’s valuations could multiply easily—suggesting the asset is considerably undervalued for forward-looking investors. With the current momentum, annual compounded growth rates, and related metrics, he would not consider a $7–$10 valuation for NEAR within 12 months to be at all surprising.
High leverage flush setting up fresh rally?
The selloff that hit the last quarter of the previous year was largely triggered by the unwinding of extreme leverage in options and futures markets. Excessive leverage can spark massive liquidations and send markets moving sharply in the opposite direction. Now, activity in CME Bitcoin futures—a favored route for institutional players—has sunk to a 14-month low after prolonged downtrends and waning institutional participation. This clearing of leverage could lay the foundation for Bitcoin’s next compelling rally narrative.
