- Polkadot’s monthly transaction reached 60 million.
- The price of DOT crossed $10, and the metrics remained bullish.
Polka dot [DOT] recently set a new record, reflecting a huge increase in network activity. This happened during a bull rally, which, if everything falls into place, could continue even further. Does this mean that DOT’s path to $22 is now clear?
Polkadot reaches a new milestone
Token Terminal, a data analytics platform, recently posted tweet reveal an important update. According to the tweet, monthly transactions on the Polkadot blockchain reached a new all-time high.
The blockchain’s monthly transactions have increased from 20 million to 60 million since the beginning of this year – a sign of increasing use and adoption of the blockchain. Not only transactions, but also other statistics indicated an increase in network activity.
AMBCrypto’s look at Artemis’ data revealed that Polkadot’s daily active addresses have increased in recent weeks. Thanks to the increase in addresses and transactions, Polkadot’s performance in terms of value captured also appeared robust.
This was reflected in the strong increase in fees and revenues over the past 30 days.
Source: Artemis
Is DOT’s path clear?
Polkadot’s network activity boomed at a time when DOT bulls controlled the market. CoinMarketCaps factsDOT, recorded a commendable price increase of 25% in the last seven days.
The day before was also heavily in favor of investors as the token value rose by more than 15%. At the time of writing, the token had crossed a crucial resistance at $10 and was trading at $10.02 with a market cap of $15.2 billion.
Ali Martinez, a popular crypto analyst, recently posted one tweet mapping DOT’s future plan. Martinez mentioned in the tweet that DOT was on track to exceed $10 or $11.
After that, Martinez expects the token to witness a brief pullback towards $7.5. Once that’s done, DOT could begin its journey to $22 in the coming days or weeks.
The good news was that DOT’s trading volume increased along with the price – a sign of an ongoing bull rally. Furthermore, open interest also increased, indicating that the ongoing price trend will continue. If true, DOT could soon reach $11.
Source: Santiment
Apart from this, according to Coinglass’ factsPolkadot’s long/short ratio showed a sharp increase. This meant that there were more long positions in the market than short positions, indicating a rise in bullish sentiment in the market.
Read from Polkadot [DOT] Price prediction 2024-25
However, if the bears take over the market, the DOT could first drop to $9.5 before continuing to move south towards $7.5.
Source: Coinglass
Credit : ambcrypto.com
