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- Polkadot token rallied 22% intraday with a 220% rise in trading volume.
- Analysts see a rally toward $30 in the coming sessions.
Polkadot (DOT) crypto has demonstrated remarkable outperformance over the last few sessions. The Polkadot price has rallied more than 22% over the past 24 hours. It was traded at $9.20 at press time.
The positioning of the DOT crypto revealed that buyers have maintained their upper hand. Moreover, the altcoin was ready to accelerate toward the 52-week high zone of $12.
Analysts Weigh In on Polkadot Price’s Future Prospects
Solberg Invest, a crypto analyst, recently made a tweet about Polkadot. In that post, he highlighted that the Polkadot crypto had triggered a falling wedge pattern breakout on the weekly timeframe.
The token’s price gained massive bullish momentum and could cross the 52-week high soon. The short-term targets of $25 and $35 levels could be seen in the following sessions.
Likewise, Chetan Gurjar said that the Polkadot price traded in strong bullish momentum and was in a blast mode. It has surged more than 190% in the last three weeks.
A daily break above the 52-week high resistance of the $12 mark would unlock further rally toward the $20 and $30 mark. These are the 61.8% and 78.6% of the Fib levels.
When writing, the Polkadot token price crossed the 50% Fib level. That was making the 3rd rising Elliott wave.
On-Chain Analysis Points to Growing Bullish Sentiment
Data from Token Terminal revealed that a massive surge in the active addresses data happened overnight. Over 15K new active addresses have been added in the past 24 hours.
At press time, around 23.8k addresses were active on-chain. This significant surge in addresses reflects the growing optimism for the network and conveys the bullish cues.
Amidst the weekly dot price surge of over 62%. Moreover, a notable spike in the total value locked (TVL) was noted. DOT’s TVL recorded a 12% rise this week, $80,477 at press time.
Polkadot crypto’s surge in development activity could fuel further bullish sentiment toward the network. This could attract more users, too.
Over the last three weeks, the development activity increased significantly. That signaled potential enhancements to the network’s capabilities.
Polkadot Price Prediction: Analysing the Key Levels
Polkadot price prediction unveiled a bullish setup, as the altcoin’s value rose more than 20% over the past 24 hours. Additionally, the trading volume skyrocketed by over 230%. That revealed the buyer’s accumulation.
The leading and lagging indicators represented a bullish sign. Moving ahead, a golden crossover was exhibited on the multiple timeframes.
Data from Coinglass revealed that massive prolonged buildup activity had happened in the past 24 hours. The Open Interest (OI) has risen over 25% to $493.63 Million.
Additionally, the long/short ratio data represented that 50.37% of positions on Polkadot are long. In contrast, shorts have decreased to 43%. This suggested a potential upsurge in the coming sessions.
The immediate support zones for the Polkadot crypto were $8.40 and $7.80. At the same time, the resistance levels were $10 and $11.60.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
