Despite winning Serie A last season, Napoli’s Fan Token ($NAP) has significantly underperformed its peers, trading more than 60% below its May peak. This comes at a time when most major Fan Tokens have rallied alongside the broader crypto market.

This report examines whether $NAP’s current pricing reflects a misalignment with fundamentals, comparing it to other Italian tokens on the basis of performance, market cap, and technical setup ahead of the new season.

Fan Token Performance Since Bitcoin’s June 22 Bottom

After reaching an all-time high of $111,960 on May 22, Bitcoin entered a correction phase, eventually finding support at $98,115 on June 22. From that local bottom, BTC regained momentum and began a new upward leg, breaking into fresh all-time highs at $123,280. This rally lifted the broader crypto market, including Fan Tokens, which saw a notable rise in both price and volume, despite the football off-season.

Among major Fan Tokens, most outperformed BTC’s +14.4% gain during this period. With the exception of $INTER (+9.4%) and $BAR (+12.8%), all others delivered double-digit returns ranging from +18.7% to +46.3%. $ASR, in particular, decoupled from the rest, increasing +127% since the June 22 bottom.

Source: TradingView. As of August 6, 2025

This broad outperformance highlights a growing level of market attention and renewed interest in Fan Tokens as a speculative and narrative-driven asset class.

Making the Case for $NAP’s Undervaluation Among Italian Fan Tokens

Italy represents the second-largest market for football fan tokens by number of clubs involved, supported by a historically strong fan base both domestically and abroad. Within this context, Napoli Fan Token ($NAP) may currently be significantly undervalued compared to its major Italian counterparts. 

To assess this, we’ll compare $NAP to other top fan tokens ($INTER, $JUV, $ASR, and $ACM) based on both on-field achievements and current market capitalization.

Source: Diretta.it

After Napoli’s draw against Parma and Inter’s draw with Lazio on May 18, the two teams were separated by just a single point at the top of the Serie A table. The title would be decided on the final matchday, May 25, with Napoli set to face Cagliari. Given that Cagliari had already secured safety from relegation the previous week, a Napoli victory was widely expected, even before the match began.

Markets quickly front-runned this expectation. From May 19, $NAP began to price in the high probability of a championship win. The token had already increased 314% in just over a month, and that day marked its peak at $2.95, reflecting near-certainty of Napoli winning the title. And that’s exactly how it played out. With Cagliari offering little resistance, Napoli secured the win and the Scudetto, while Inter closed the season in second place.

Source: TradingView

Since peaking on May 19, just before winning the Serie A title, $NAP has dropped more than 63%, giving back its entire rally and more. This sharp decline came despite Napoli’s on-field success and now places the token well below its Italian peers. 

This drawdown appears increasingly disconnected from both team performance and broader market dynamics. With selling pressure now seemingly exhausted, $NAP may be positioned for a shift in relative performance. Upcoming catalysts, such as the Serie A kickoff on August 23 and the Champions League group stage in mid-September, could drive renewed attention and demand for the token.

Source: TradingView

Beyond price action, the clearest sign of $NAP’s undervaluation lies in its market capitalization. Currently, $NAP has the lowest market cap among major Italian fan tokens, sitting at just $3.1 million. In comparison, its peers are valued anywhere from 1.7x to nearly 12x higher. 

Source: FanTokens (market cap data), author’s analysis. As of August 06, 2025.

Given that Napoli outperformed all of these clubs on the pitch last season, this gap appears increasingly difficult to justify. Add to that the token’s lower exchange presence and limited liquidity, both of which can magnify price moves, and any repricing could be sharp and fast once demand picks up.

$NAP: Support Zones, Entry Points, and Upside Targets

On the daily chart, $NAP is already beginning to show early signs of recovery and a potential trend reversal since bottoming in late June. The RSI has been steadily rising, and price action is consolidating above the 20-day EMA. 

From a trading perspective, two key support zones stand out. The first lies around the current price range of $0.66–0.68, which previously acted as resistance and is now serving as support. The second is deeper, near the June lows at $0.54–0.57, which could present an attractive entry point if the price dips and then reclaims the level. A break below this second area would invalidate the setup.

For traders looking to build a position based on relative strength, an initial entry around current levels with a stop-loss just below the invalidation zone could be a prudent strategy. Additional buys could be considered if the June low is retested and reclaimed. 

Source: TradingView

The first major resistance and target level sits near $2, a potential 194% upside from current prices. At that level, $NAP’s market cap would rise to approximately $8.8 million, positioning it between $JUV and $ACM, which appears reasonable given Napoli’s title-winning season and the upcoming competitions.

Conclusion

Napoli delivered the strongest on-field results among Italian clubs last season, yet $NAP remains the weakest-performing major Italian Fan Token by a wide margin. Its current price and market cap appear disconnected from both team success and broader market trends.

With the season about to resume and technical indicators showing early signs of recovery, $NAP may be positioned for a repricing relative to its peers, especially as interest in Fan Tokens continues to grow.

References

FanTokens | Link

Rocketfan | Link

Guest Expert: Fabrizio Fossi Fiaschetti
DeFi and Digital Asset Analyst.