Analyst Flips Bullish on One Ethereum Rival, Says Layer-1 Altcoin Looking Interesting Again After a Long Time

A widely followed crypto strategist believes that one Ethereum (ETH) competitor is gearing up to witness a breakout rally.

Pseudonymous analyst The Crypto Dog tells his 775,100 followers on the social media platform X that he’s bullish on the smart contract protocol Near (NEAR).

The analyst shares a chart suggesting that NEAR is threatening to take out its diagonal resistance on the daily chart.

“NEAR makes a move soon. Maybe not today but soon.

BTC flat, SOL red, NEAR green makes me pay attention.”

Even though Near is still struggling to move above the diagonal resistance, the analyst says that it’s only a matter of time before NEAR breaks out and rallies to around $9.

“Alright, don’t hassle me – it is shaping up more like I originally expected.

But still keep eyes on NEAR, this should retest that high we just made and push it in time.”

At time of writing, NEAR is worth $7.06.

Next up, the trader says he’s keeping a close watch on the layer-1 altcoin Injective (INJ). According to the analyst, the altcoin is starting to look interesting again after INJ bulls defended the $30 price area.

“INJ might be getting interesting again, for the first time in a long time.”

At time of writing, INJ is trading for $34.85, up nearly 2% in the past day.

As for the broader crypto market, the analyst thinks that the latest correction is designed to flush out weak hands.

“Maybe I’m optimistic but the last few days felt like a shakeout. Default bullish in this market until something significant rumbles the status quo. We should get a firm direction in the next seven days.”

Generated Image: Midjourney