Polkadot (DOT) Price Prediction 2023-2025: Is DOT Ready to Rally?

After a sustained decline, Polkadot [DOT] has made a strong back over the past week. Since hitting a low of $3.9, DOT has seen a strong upsurge

After a sustained decline, Polkadot [DOT] has made a strong comeback over the past week. Since hitting a low of $3.9, DOT has seen a strong upsurge, hiking by 12.82%.

Equally, the altcoin has flipped SMA on daily charts, indicating a strong upward momentum.

At the time of writing, DOT was trading at $4.37. This marked a 3.63% increase over the past day, with an extension to this bullish trend by 6.36% on weekly charts.

Prior to this, DOT had been on a downward trajectory declining by 2.12% on monthly charts.

However, the markets have shown strength over the past day with increased demand for the altcoin. Thus, DOT’s trading volume has surged by 12.30% to $133.93 million. Also, its market cap increased by 3.78% over this period.

As expected, these recent market conditions have rejuvenated the crypto community. Inasmuch, popular crypto analyst Ali Martinez has suggested Polkadot is ready to rally, citing Fantom’s historical pattern.

Market sentiment

In his analysis, Martinez posited that DOT could be following Fantom’s footsteps.

According to him, if the current pattern holds, DOT could rise to $9.7, retrace to $6.7 and then rally to a year high of $20.

In context, Fantom experienced an exponential surge based on this pattern hiking by 192.31% from a local low of $0.26 to $0.76.

Therefore, based on this analogy, DOT could surge by 357.67% holding the pattern constant.

DOT’s price action over the past year has been anything but dull. After hitting an all-time high of $54.39 in March 2022, DOT embarked on a steep downtrend, bottoming out at $3.96 in December.

Since then, the alt has shown signs of recovery, rallying by 35% year-to-date.

Now, as DOT trades above the crucial $4.0 price level, what’s next for the altcoin and will it be able to sustain this bullish momentum?

DOT’s recent bullish price action could be attributed to several factors, including positive on-chain metrics and anticipation for upcoming Polkadot parachain auctions.

On the technical front, DOT has formed a bullish pennant pattern on the daily chart, indicating a potential breakout to the upside. Resistance at $5.0 could act as a key level for further short-term price action.

Breaking out from this level could see the altcoin hit $6.5 in the short term. In a very bullish scenario, Polkadot will reclaim June highs at $7.3.

On the other hand, a failure to break out from $5.0 will see the altcoin consolidate within a narrow range before attempting another breakout.

Polkadot’s [DOT] Price Prediction 2024–2025

What Next for Polkadot?

Undoubtedly, DOT is experiencing a strong upswing. With positive market sentiment, the altcoin could record more gains.

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