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Analyst Compares Polkadot to Solana, Says DOT Will Hit $16 If It Breaks This Leve

Petar Jovanović

December 20, 2023

Crypto analyst CryptoGuerrilla shared an optimistic outlook on Polkadot’s DOT token, asserting that a surge to $16 will happen swiftly and catch many off guard.

He notes similar chart structures across various altcoins that have broken out recently, using Solana’s massive run as a prime example. CryptoGuerrilla emphasizes that not all tokens begin running at the same time because of consolidation patterns.

CryptoGuerrilla expects Polkadot to embark on its own parabolic move once it resolves past the $8 resistance area, mirroring Solana’s explosive breakout.

Triggering events could include the highly anticipated rollout of Polkadot 2.0 upgrades, a boom in Polkadot decentralized finance sparked by new AMM dex HydraDX, or some other narrative-grabbing attention. Nonetheless, the analyst believes the technical chart already signals DOT coiling up for a major bull run.

CryptoGuerrilla sets the initial upside target at around $16. Reaching this price point would propel DOT into a sustainable macro-uptrend and mark the end of cheap prices for acquiring Polkadot. He expects this to play out over the next 6–8 weeks, barring deep bitcoin retracements that throw markets off course.

So in summary, technical and on-chain activity suggest Polkadot gears up for substantial upside once its consolidation period concludes with a convincing break past $8. CryptoGuerrilla anticipates this next leg unfolding rapidly, with DOT likely hitting $16 in short order if key resistance gives way along with some bullish fundamentals emerging.

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