Why Is Polkadot (DOT) Price Up?

Polkadot’s native DOT token has rallied sharply in the last 24 hours, jumping 19% in a move that has traders wondering if a new Web3 trend is emerging.

Key Takeaways:

  • DOT price hit $8.43, up 19.03%.
  • The rally comes amid a broader crypto upswing.
  • Trader Flying High sees potential to test $12.50 resistance

DOT mounted a steep recovery today, erasing recent losses. After hitting the day’s high at $8.43, Polkadot pulled back mildly but still ended up outpacing most major cryptocurrencies over the last 24 hours.

The timing aligned Polkadot’s gains with a broader upswing that lifted Bitcoin and Ethereum. Improving risk appetite has helped crypto rebound amid a turbulent start to 2024.

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However, crypto trader Flying High theorized that the strong DOT rally could have roots in a revival of the “Web3” narrative that boosted it previously. In 2021, enthusiasm around Polkadot’s role as an interoperability hub to power a decentralized web powered massive gains.

If Polkadot is assuming this role again in trader discussions, Flying High spies room for a substantial continuation of the uptrend. Initial rejection pressure is envisioned at near $12.50 if bullish momentum persists.

Of course, identifying the catalysts behind emerging crypto rallies is more art than science at times. But the outsized surge for DOT does lend credence to the idea that traders see it establishing fresh relevance. With Polkadot positioned prominently within Web3 infrastructure projects, any momentum behind that concept stands to lift Polkadot higher on speculative inflows.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency