Polkadot had its price rallying by over 14% in the previous 24 hours as the altcoin attained a new ATH of around $50.87. The crypto network witnessed increasing functionality as market participants anticipated the parachains auction.
Polkadot saw its price rallying nearly 15% overnight to record a new all-time high of $50.87. That means that the altcoin overpowered the May peaks at $49.35. Amplified network activity by the DOT blockchain propelled the altcoin’s bullish run.
The firm behind Polkadot Parity technologies declared introducing parachains on 13 October. Parachains or parallel blockchains are complete blockchains incorporated in the platform to support transaction validation and security. Polkadot targets to magnify blockchain interoperability through the ‘blockchain for blockchains’ narrative.
That way, Polkadot’s platform will be a layer-zero network. Polkadot saw increased demand, prices, and trading volumes following the announcement. Meanwhile, the alt traded in the constricted level in the $40 – $45 range.
Polkadot Surge Almost 15% to a New Peak
DOT bounced from the demand area at $40.56 as the weekend ended, as confirmed by Sunday’s lower wick candle. That shows investors purchasing the dip. That bolstered DOT bulls during Monday sessions, pushing the price by around 15% in the past 24 hours. That rally saw the coin hitting a new peak at $50.87.
DOT-USD Daily Price Chart
However, bears appear determined to take DOT down. If Polkadot retraces from its current price at $48.56, it may secure support near $46.30. That way, market players can expect the alt to cool at the supply zone’s end near $46.30 before resuming its upward actions towards the record highs beyond $50. On the other side, a drop under $46.30 can witness DOT falling to tag the levels at 50-day Simple Moving Average near $36.76.
Polkadot seems to trade on healthy actions due to improved network activity. If it maintains the attitude in the up-and-coming trading sessions, DOT can record surges to explore another ATH. For now, the altcoin explores positive actions as market players await the parachain auction soon. Moreover, the broad market backing will also bolster the crypto. However, stay around for upcoming cryptocurrency news.