Despite significant increases in Solana and AVAX this year, one altcoin has lagged behind. We are talking about Polkadot, of course. At the time of writing, the DOT price was at $6.20. Honestly, the cryptocurrency pulling back from the $11 levels has somewhat disappointed its investors. Now, an analyst has shared a chart today, clarifying the levels he expects for the cryptocurrency DOT.
Analyst’s Comment on DOT
Cryptocurrency analyst Michael van de Poppe shared a post on X today, giving hope to DOT investors. According to Poppe, DOT has reached a critical support area and accumulation zone.
Highlighting what could happen to DOT in the coming days, Poppe believes that considering the numerous projects in the Polkadot ecosystem with the RWA narrative, this project will make significant progress in the coming years.
Target of $17 for DOT
Looking at the chart, the first noticeable thing is a gap indicated by red colors. This area represents a place that can be reached immediately if the DOT price breaks $9.25. Of course, if the cryptocurrency DOT reaches a price tag of $17, it will mean an approximate 180% increase from the current price. Reaching that level will mean significant gains for investors. On the other hand, it should be noted that DOT is still far from its peak level. The peak level for DOT was $55. Considering that other cryptocurrencies have approached their peak prices, we see that there is still room to go for the cryptocurrency DOT.
We have also had a week of new developments for Polkadot in the cryptocurrency world. In this context, the project announced that it had allocated a $20 million fund to developers in DeFi ecosystems. Additionally, Polkadot 2.0 is said to have a bright future as it is designed to increase the scalability, flexibility, and efficiency of the Polkadot network.
Given that the DOT supply is 1,437,953,431 and all of them are in the market, it can be said that the cryptocurrency DOT can easily surpass its previous peak levels in a bull season.
