Cardano, Solana, LUNA, AVAX – As these coins saw their ATHs over the last month, the anticipation of altcoins rallying increased. However, with BTC’s momentum slowing and the recent sudden crash, the major alts faced the brunt. Nonetheless, Polkadot has emerged as a silent winner, being the only altcoin in the top ten that managed to pull back faster than expected from the recent crash.
As Bitcoin’s market dominance continued to decline over the weekend, approaching 40%, the same turned out to be a boon for altcoin’s performance. At press time, given that the DOT was only 23% off his ATH of $ 49.35, what were the chances of Polkadot being the next alt to hit his ATH?
A clear path to ATH
On-chain metrics and price-based data presented a very bullish narrative for the DOT, as its Relative Strength Index on the daily chart saw a near vertical rally. In particular, from September 7 onwards, a sharp increase in the percentage of DOT stablecoin supply in the hands of whales over $ 5 million saw a massive increase.
As the metric was still in an uptrend, it was notable that similar spikes had previously been observed in the metrics before the high prices. Also, accumulation is always a good price sign. Trade volumes also appeared to be supporting the DOT rally, as volumes rose nearly 140% over the past 24 hours, according to data from the top of Coinmarket
Also, toward the beginning of this month, the total DOT supply saw a decent jump from 59% to 64%. The higher the stake, the better the strength of the network. On top of that, the increase in Polkadot’s development activity further helped price growth.
In crypto verse, collaborations and integrations have brought a lot of traction to projects in general. Polkadot was doing well, on this front too, and the news of Acala’s integration with Chainlink to power DeFi at Polkadot was an example of the same.
While most metrics were showing bullish signs for the DOT, at the time of writing, a nearly 10% drop in price was a worrying sign. However, if the bulls push and the fading buying pressure does indeed renew, the DOT could hit its ATH soon.
This is a machine translation of our English version.