Polkadot

Million

Spot

<p>Polkadot price finally demonstrated proof of life in November after months of being off the limelight. Low activity relative to other top blockchains had Polkadot sidelined. </p> 
<p>An outcome that may have dented sentiment. However, the latest data signals big changes for the network.</p> 
<p>Polkadot benefited from renewed market hype in November as <a href="https://www.thecoinrepublic.com/2024/12/03/stablecoin-liquidity-redefines-altseason-dynamics-in-crypto-market/">liquidity rotation</a> intensified. That effect is spilling over into December. </p> 
<p>A recent TokenTerminal report revealed that Polkadot monthly transactions reached a new high.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
  <img loading="lazy" decoding="async" width="573" height="576" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-87.png" alt="" class="wp-image-864007" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-87.png 573w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-87-298x300.png 298w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-87-150x151.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-87-300x302.png 300w" sizes="auto, (max-width: 573px) 100vw, 573px">
  <figcaption class="wp-element-caption">
   Polkadot monthly transactions / Source: TokenTerminal
  </figcaption>
 </figure>
</div> 
<p>A spike in volume accompanied the surge in Polkadot transactions in November. </p> 
<p>For example, the highest single-day volume recorded for the network in the last 4 weeks was 3.71 billion on November 25, according to DeFiLlama.</p> 
<h2 class="wp-block-heading" id="h-a-double-top-for-polkadot-price-or-sustained-momentum"><strong>A Double Top for Polkadot Price or Sustained Momentum?</strong></h2> 
<p>The surge in Polkadot transaction activity and on-chain volume has been great for the DOT cryptocurrency. </p> 
<p>It aided the return of investor confidence. Consequently, there has been a bullish outcome on the price.</p> 
<p>DOT managed to break above the $10 barrier towards the end of November for the first time since March. </p> 
<p>The cryptocurrency was off to a bullish start this month with the price attempting to soar above November highs.</p> 
<p>The Polkadot native crypto surged as high as $10.39 in the last 24 hours, in a move that appeared to form a double top. </p> 
<p>The $10 range also generated some resistance, indicating that there was some profit-taking.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full is-resized">
  <img loading="lazy" decoding="async" width="1013" height="585" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-88.png" alt="" class="wp-image-864015" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-88.png 1013w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-88-300x173.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-88-768x444.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-88-150x87.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-88-696x402.png 696w" sizes="auto, (max-width: 1013px) 100vw, 1013px">
  <figcaption class="wp-element-caption">
   DOT price action / source: TradingView
  </figcaption>
 </figure>
</div> 
<p>DOT was overbought at press time which may explain its struggle to stick above $10. However, the hype around Polkadot and its surging transactions may generate more investor confidence.</p> 
<p>DOT’s next major resistance levels are $11.8 and $23. These are the cryptocurrency’s next major resistance levels. A rally to the $23 range means the cryptocurrency could soar by as much as 139%.</p> 
<p>If DOT secures strong enough momentum to push to its previous ATH, the cryptocurrency could rally by over 450%.</p> 
<h2 class="wp-block-heading" id="h-polkadot-open-interest-soars-to-12-month-high"><strong>Polkadot Open Interest Soars to 12-month High</strong></h2> 
<p>DOT’s latest rally was characterized by strong demand from both the spot and derivatives market segments. The latter remained strong and pushed into a new 2024 high in the last 24 hours.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="324" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-1024x324.png" alt="" class="wp-image-864022" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-1024x324.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-300x95.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-768x243.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-150x47.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-696x220.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89-1068x338.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-89.png 1333w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   DOT open interest / source: Coinglass
  </figcaption>
 </figure>
</div> 
<p>DOT open interest peaked at $530.90 Million on November 3. For context, OI was less than $200 Million at the start of September, after which it went <a href="https://www.thecoinrepublic.com/2024/12/03/bitcoin-price-in-parabolic-mode-analyst-explains-why-we-are-still-early/">parabolic</a>. This performance reflected the return of strong demand in the cryptocurrency.</p> 
<p>Polkadot price still has a long way to go in terms of derivatives demand to reach its previous highs. For example, open interest surged above $900 Million in 2021. </p> 
<p>Nevertheless, the cryptocurrency could be on track to reach those heights if the market maintains its current trajectory.</p> 
<p>Meanwhile, the latest spot segment activity suggests that the cryptocurrency may experience short-term headwinds. Spot flows were negative in the last 24 hours.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="295" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-1024x295.png" alt="" class="wp-image-864029" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-1024x295.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-300x86.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-768x221.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-150x43.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-696x201.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90-1068x308.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-90.png 1339w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   DOT spot flows / source: Coinglass
  </figcaption>
 </figure>
</div> 
<p>Coinglass revealed outflows worth 16.26 Million on December 3. The last time Polkadot price experienced a similar amount of outflows was November 12.</p> 
<p>It retraced by almost 20% after that. It had already retraced by 6.32% at press time which could indicate that more potential downside could be on the way. Especially, if demand fails to offer a counter this week.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/04/polkadot-price-will-dot-surpass-20-as-transactions-soar-to-new-highs/">Polkadot Price: Will DOT Surpass $20 As Transactions Soar To New Highs?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Polkadot Price: Will DOT Surpass $20 As Transactions Soar To New Highs?

Table of Contents

Thecoinrepublic.com

Other articles published on Dec 4, 2024

Sky Protocol’s Flagship Stablecoin $USDS Expands to Solana

Circle is first stablecoin issuer to comply with new Canadian listing rules

XVS and CELR Gains Momentum Following Major Breakouts: Are Big Rallies On Horizon?

Tron has surged 104% in a day and hit a new all-time high

HYPE Coin Gains Over 200% Value on Hyperliquid Platform

RCO Finance vs Cardano: Why Analysts Favor This AI Altcoin for a 40,000% Rally

Join our free newsletter for daily crypto updates!