🚀 Polkadot (DOT) Demonstrates Prospects Amid Market Fluctuations
💹 Thanks to its price surge, $DOT enters the top 10 cryptocurrencies by market capitalization. Alongside DOT, $SOL and $AVAX have recently shown promising results. However, considering the latest data, it seems that DOT is performing better than the other two.
📈 In the last month of 2024, the altcoin recorded a significant price increase. According to CoinMarketCap, DOT has shown growth of over 48% in the last 30 days. At the time of writing, DOT is trading at $8.13 with a market capitalization of over $10 billion. Due to the bullish rally, DOT has become the 11th largest cryptocurrency by market capitalization. Despite SOL and AVAX also achieving promising success during the same period, popular cryptocurrency analyst Tony noted that, despite the two having several resistance levels, DOT has a clear path forward as it has not yet reached its first resistance level.
📉 To better understand whether DOT's progress will be smooth, experts examined the Polkadot liquidation chart. The token experienced significant growth in liquidation around $9.2, then started to decrease in price. Polkadot's liquidation intensified as its price reached $8.6, leading to further price decline.
🔍 Will 2024 Be the Key Year for DOT's Price Jump?
📅 For this reason, DOT may need to rise above these levels to start a bullish rally in 2024. Despite DOT's price growth in the past month, its recent price movement has turned into a downtrend. The fact that DOT experienced a 13% decrease in the last seven days clearly demonstrates this. However, another positive aspect is the reduction of open positions as the token's price falls. When open positions decrease, the likelihood of a trend reversal may increase, indicating potential price growth.
