All signs indicate that Polkadot (DOT) is reaching ATH, except …
With Cardano, Solana, LUNA, AVAX consistently hitting all-time highs (ATHs) last month, speculation sparked an altcoin season. However, with the slowdown in Bitcoin’s momentum and the recent flash crash, several large altcoins have come under pressure. However, Polkadot (DOT) has seen its price soar and is the only altcoin in the top 10 that has managed to recover from the recent crash faster than expected.
As Bitcoin’s market dominance continued to decline to nearly 40% over the weekend, there were a number of benefits to the altcoin’s performance. With DOT only 23% off ATH from $ 49.35 at press time, it is very likely that Polkadot will become the next altcoin to hit ATH.
The path from DOT to ATH is pretty clear
On-chain indicators and direction data presented a very bullish story for the DOT as the RSI showed near vertical gains on the daily chart. It is noteworthy that as of September 7th, the percentage of stablecoin supply from DOT whales has increased sharply.
As this indicator is still in an uptrend, it is worth noting that a similar surge was previously observed before the price hit its high. In addition, accumulation is always a good price signal. Trading volume also appears to be supporting the DOT rally as trading volume has increased nearly 140% in the past 24 hours.
In addition, at the beginning of this month the total range of staked DOTs increased significantly from 59% to 64%. The higher this value, the better the strength of the network. In addition, Polkadot’s increase in developer activity has further supported the price hike.
Source: staking rewards
In the crypto space, collaboration and integration have generally given projects a lot of traction. Polkadot does well in this regard too, and the news that Acala is integrating with Chainlink to run DeFi on Polkadot is a similar example.
While most of the indicators on the DOT are bullish, the nearly 10% price drop at the time of writing is a worrying signal. However, if the bulls increase their buying pressure, DOT could soon hit ATH.
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According to AMBCrypto