Alternative tokens, including AVAX, LUNA, Cardano, and Solana, experienced their record highs in the past month. That had most market players anticipating the alt market to rally higher.
Nevertheless, as Bitcoin sees slowed momentum due to the latest flash crash, most alts reflected the retracements. However, Polkadot (DOT) has disassociated itself from the market trends, surging with massive gains after the dip.
As Bitcoin witnessed its market dominance plunging during the weekend, towards 40%, the altcoin market saw benefits. While writing this content, Polkadot hovers 23% away from the record high at $49.35. What are the chances that DOT will be the next token to attain a new ATH?
A Clear Road to ATH
Price-driven data and on-chain metrics show a bullish case for Polkadot. The Relative Strength Index (RSI) on the daily price chart displayed a somewhat vertical uptick. Also, Polkadot’s stablecoin percent supply held by large wallets (over $5 million) has noted a massive surge since 7 September.
For now, DOT’s metric suggests upsurges. Keep in mind that similar trends followed before the asset noted its previous record highs. Furthermore, accumulation has been a reliable sign to tell price’s direction. Moreover, the DOT’s trading volume increased by nearly 140% over the past 24 hours (Coinmarketcap data). That supports the altcoin’s rally.
At the start of this month, Polkadot’s staked supply surged significantly to 64% from 59%. Keep in mind that increased staked value depicts the network’s power. Moreover, increased DOT’s development activity supports price growth.
In the cryptocurrency market, integrations and collaborations have ensured magnified tractions to the industry. Polkadot has been performing well in this area. For instance, the news about the Chainlink integrating with Acala to facilitate DeFi on DOT has promoted the ecosystem’s growth.
Though most parameters suggest that DOT might rally, the current 10% drop is a worrying gesture. Meanwhile, if bulls increase their push for a heightened buying pressure, Polkadot might climb to an ATH in the coming sessions.
For now, DOT has a higher probability of attaining record highs. With the correct sentiments in the coming sessions, Polkadot will clear its way to ATH.
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