TL;DR
The 15th largest cryptocurrency by market capitalization – Polkadot (DOT) – has been on a downtrend in the past month, witnessing a price decline of around 20%. Currently, the asset hovers the $8.50 mark but some analysts think a substantial uptick could be on the horizon.
One example is the X user, using the handle CryptoYoddha, who predicted that DOT might reach a two-year high of $20 this summer. The analyst added, “Most alts are waiting to pump from their higher lows.”
Other bullish forecasts include those from the well-known trader CRYTPOWZRD and the crypto content creator Jake Gagain.
The former suggested that DOT is poised for a “volcanic eruption brewing” should it surpass the important resistance zone of $9.60. Once that happens, the path looks clear for a peak of $15, the analyst claimed.
Jake Gagain was even more optimistic, forecasting that DOT could tap new all-time high sometime next year. Other Polkadot price predictions have also generally been bullish, given the current market momentum.
The native token of the blockchain protocol made the headlines earlier this year by topping a prestigious ranking and surpassing leading cryptocurrencies such as Ethereum (ETH) in terms of development activity.
Most recently, Polkadot announced its “Ambassador Program 2.0:” an initiative designed to support and integrate individuals into the community.
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