Polkadot (DOT) has shown remarkable performance with a 107.5% price increase over the last 30 days, recently reaching a peak of $8.81, a five-month high. However, to sustain this uptrend, crypto expert Rekt Capital emphasizes the importance of retesting the crucial $8.60 support level.
After a 35% rally in the last week, Polkadot closed above $8.60, transforming it from resistance to support. A successful retest of this level could drive Polkadot's price much higher, potentially reaching $12.61, indicating a 46.11% increase. However, a failed retest has happened before in April 2024, which led to a significant price drop to $5.8.
Polkadot's current trading price stands at $8.68, with daily trading volume rising over 21%, valued at $795.37 million. Market sentiment remains bullish, driven by factors like a Fear & Greed Index indicating extreme greed and increased adoption of stablecoins on the Polkadot network.
The total valuation of stablecoins USDT and USDC on Polkadot's blockchain reached $120 million, signaling enhanced liquidity that might boost DOT demand. Despite favorable factors and bullish predictions, future price movements are uncertain and hinge significantly on market conditions.
