Analysts are targeting a DOT price of $ 250-350 this cycle

If you look at the charts, you can see that DOT, the eighth largest token, has been increasing a lot lately. Steady developments and strong fundamentals contributed significantly to the rally towards a new all-time high (ATH) of $ 49.8 in May. Year-on-year, the DOT price is up 356%.

DOT price table | Source: Tradingview

Meanwhile, DOT is up 256 percent in the past 56 days, according to Tradingview. Although the price is only trading at $ 35 (27% below ATH) at the time of writing, analysts are still very bullish.

For example, analyst Lark Davis made his bullish stance clear in a series of tweets.

“The Polkadot ecosystem is huge and growing all the time, although the hype has subsided somewhat as BSC, Polygon, Terra and Solana are growing rapidly. But Polkadot has some good developers who make really powerful products. The platform has a ready-to-use ecosystem. “

The source: Lark Davis

In addition, the polkadot ecosystem is still growing steadily. On September 8, the decentralized data aggregator SubSQL raised $ 9 million to build Polkadot’s first data aggregation layer. In the meantime, Moonbeam offers Parachain tokens based on Polkadot’s (Substrate) development engine. These tokens can be sent to Ethereum wallets and smart contract addresses.

Mostly held assets

In addition, many other Polkadot metrics show very positive results, such as the average developer activity over the last month. In addition to this, it is also the most commonly held asset in the portfolios of crypto hedge funds and venture funds.

The source: Lark Davis

With so much development in the Polkadot ecosystem, can the price of DOT beat the previous ATH? Lark Davis certainly lives up to his optimistic stance.

Other analysts maintain a similarly positive sentiment. Previously, altcoin analyst Sherpa mentioned this when looking at recent DOT price action.

$ DOT: EMAs all look pretty healthy, I think ATHs do that. It might even break it right off the bat like some of the other strong L1s. Dip was quickly bought up. #Speckle pic.twitter.com/ZpOuVJ2xJQ

– Altcoin Sherpa (@AltcoinSherpa) September 14, 2021

“DOT: All EMAs are pretty good, I think the price will reach ATH. It can even break the EMA on the first move like some other strong Layer 1 tokens. The dip buying went on at a rapid pace. “

And finally Michael van de Poppe Note The DOT can hit anywhere between $ 250-350 at the top of the current bull cycle.

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Minh Anh

According to AMBCrypto

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