Polkadot Price Analysis: DOT Price Could Easily Rally Over 200% In The Near Term

The Polkadot (DOT) ecosystem, a fast-growing internet of blockchains supporting hundreds of web3 protocols seeking to scale securely, has grown to a mature and respectable network with more than 1.3 million holders. In the latest quarterly network report released earlier this month, the Polkadot network noted that it has recorded a significant growth in network activity with stable transaction fees.

According to on-chain data provided by subscan, the Polkadot network has facilitated more than 30 million transfers fueled by inscriptions and web3 activity. The Polkadot team anticipates launching several upgrades, including trustless bridges, asynchronous backing, and on-demand parachains to keep up with the rising demand for blockchain.

DOT Price Analysis

Polkadot price has been rising since the October 2022 rebound that carried most of the crypto assets with it. After reaching a crucial support/resistance level of around $9.5, the DOT price has been trapped in a correction mode in the past five weeks.

According to a famous crypto analyst, Michaël van de Poppe, the DOT price will rally towards $17 soon after the buyers helped secure the support range between $5.50 and $6.00 in the past two months. The short-term DOT’s bullish outlook is bolstered by the 50 weekly Moving Average (MA) that has acted as a support level since mid-December last year. 

As a proof-of-stake (PoS) secured blockchain, the Polkadot network has attracted significant attention from crypto investors seeking to earn passively with minimal risk. Approximately 52.58 percent of DOT’s total circulating supply has already been staked.