Ethereum

bullish

Polkadot

mirror

Bold

<ul>
 <li>Polkadot’s price is nearing a potential breakout, supported by on-chain activity and technical analysis.</li>
 <li>Analysts predict key resistance targets of $11.83, $18.41, $26.30, and beyond, with a possible long-term surge to $200.</li>
</ul>
<a href="https://www.ethnews.com/renowned-analyst-predicts-downturn-for-polkadot-dot-and-polygon-pol-considers-cybro-for-20x-quick-profits-for-early-investors/" rel="noopener noreferrer nofollow">Polkadot</a> (DOT) is showing strong signs of a major bullish reversal after enduring a notable correction. The altcoin’s price recently dropped to $4.04, losing over 14% in just three days amid broad market turbulence. However, despite this decline, market analysts and traders are now closely watching DOT, with many pointing to imminent bullish signals based on both on-chain data and technical analysis.
<h2 id="on-chain-metrics-signal-growing-network-activity">On-Chain Metrics Signal Growing Network Activity</h2>
A key aspect of <a href="https://www.ethnews.com/13000x-rois-predicted-as-cybro-introduces-special-reward-points-polkadot-and-polygon-prices-struggle/" rel="noopener noreferrer nofollow">Polkadot</a>‘s growth has been its increasing on-chain activity, which often reflects the broader health and adoption of a blockchain ecosystem. According to data from Subscan, while the number of new accounts joining the Polkadot network has stayed relatively flat since May 2023, the number of active users has surged by over 25%. This is a significant indicator of growing engagement and usage within the ecosystem.
Additionally, the volume of daily <a href="https://www.ethnews.com/energy-web-launches-autogreencharge-beta-app-to-decarbonize-ev-charging-secured-by-polkadot/" rel="noopener noreferrer nofollow">DOT</a> transfers has risen, signaling that more transactions are occurring on the network. An increase in transfer volume often suggests that more value is being moved across the blockchain, which could imply higher investor confidence and network utility. These positive on-chain metrics may support future price appreciation.
From a technical analysis perspective, <a href="https://www.ethnews.com/easya-announces-the-easya-x-polkadot-university-the-worlds-first-university-focused-on-blockchain-education/" rel="noopener noreferrer nofollow">Polkadot</a> appears to be on the cusp of a major breakout. Currently, the asset is seen moving through the final stages of its accumulation phase, a period marked by relatively low volatility as large market players accumulate tokens in preparation for the next upward move.
The technical setup indicates that <a href="https://www.ethnews.com/polkadots-2-0-roadmap-advances-with-agile-coretime-launch-driving-8-growth/" rel="noopener noreferrer nofollow">DOT</a> is nearing the end of a long-standing falling wedge pattern, which is typically a bullish formation. Once the asset breaks out of this pattern, a sharp upward movement is expected. Analysts have pinpointed key resistance levels at $11.83, $18.41, $26.30, and $37.53 as potential price targets in the short to medium term.
One market analyst, known as Lucky, echoed these sentiments, stating that DOT’s price is nearing the end of its yearly accumulation phase. He emphasized that this technical configuration could result in <a href="https://www.ethnews.com/top-4-polkadot-dot-competitors-that-could-turn-5000-into-1m-by-february-2025/" rel="noopener noreferrer nofollow">DOT</a> “taking off” soon, with significant upward momentum.
<h2 id="a-bold-prediction-could-dot-reach-200-by-2025">A Bold Prediction: Could DOT Reach $200 by 2025?</h2>
Some market observers are even more optimistic. TradingShot, an investment firm, recently released an analysis that draws parallels between <a href="https://www.ethnews.com/polkadot-upgrades-with-agile-coretime-transforming-resource-allocation-and-unlocking-a-new-era-of-efficiency-and-scalability-for-the-ecosystem/" rel="noopener noreferrer nofollow">Polkadot</a>‘s current price cycle and Ethereum Classic’s (ETC) 2018-2021 trajectory. By comparing the relative strength index (RSI) patterns of both assets, TradingShot suggests that Polkadot could be following a similar path.
At present, <a href="https://www.ethnews.com/kampela-secures-polkadot-network-investment-becomes-first-fully-dao-funded-hardware-wallet/" rel="noopener noreferrer nofollow">Polkadot</a>’s RSI hovers around 40.00, a level that historically preceded a major rally in Ethereum Classic. If DOT were to mirror ETC’s past performance, it could experience a parabolic rise, pushing its price toward $200 by the end of 2025. This projection is based on the asset’s potential to break above the one-week moving average (MA50) and surpass the 1.5 Fibonacci extension.
While this scenario may seem extreme, the technical patterns and on-chain data indicate that <a href="https://www.ethnews.com/polygon-matic-and-polkadot-dot-face-strong-competitor-analysts-bet-on-rise-from-0-03-to-100-by-the-end-of-2024/" rel="noopener noreferrer nofollow">Polkadot</a> could indeed be setting the stage for a significant long-term price surge. Traders and investors will be closely watching for the breakout signals, making the coming weeks critical for DOT’s trajectory.
The post <a href="https://www.ethnews.com/polkadot-price-set-for-breakout-what-on-chain-data-and-technical-analysis-reveal/" rel="noopener noreferrer nofollow">Polkadot Price Set for Breakout: What On-Chain Data and Technical Analysis Reveal</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Polkadot Price Set for Breakout: What On-Chain Data and Technical Analysis Reveal

Table of Contents

ETHNews

Other articles published on Oct 8, 2024

Top Performers: Solana Records 10.7% Growth in October, Followed by Ethereum and Avalanche

Major ETH Whale Is Not Done Selling

Bitcoin ETF Options Can Trigger Super Cycle, Bitwise Executive Explains

Coinpedia Fintech News

Binance Launchpool Launches Scroll (SCR)

SEC Settles Charges with TrueCoin and TrustToken Over Fraudulent TUSD Sales

Join our free newsletter for daily crypto updates!