TL;DR

Despite its recent 14% decline to around $7, some analysts think Polkadot (DOT) has a huge potential to rally in the near future.
A potential bull run depends on technical advancements and overcoming certain support zones.

Is DOT a ‘Sleeping Giant?’

The blockchain protocol – Polkadot – has passed through numerous developments as of late, capturing the eye of many industry participants. Despite those advancements, though, its native cryptocurrency – DOT – has underperformed in the past month, registering a 14% decline and currently trading at around $7 (per CoinGecko’s data).

One person who praised Polkadot’s recent progress and outlined a bullish prediction for the token is the X user Dippy.eth. 

“They are constantly building and delivering new updates – last months we see new highs on the Polkadot blockchain, which gives us a sign of what is coming,” the analyst stated.

The X user went further, describing DOT as “the sleeping giant” that is ready to explode by 60% in the short term and much more substantially in the long run:

“For price targets short term min 60% higher. But for bull run targets they are much higher (couple of Xs). Accumulating on dips is a good strategy as DOT could be seeing new highs when the altseason fully commences.”

Previous DOT Predictions

Other analysts who foresee a bright future for DOT’s valuation include CRYPTOWZRD and Jake Gagain. The former thinks the asset is poised for a “volcanic eruption brewing” should it surpass the important resistance zone of $9.60, while the latter predicted a new ATH sometime in 2025.

Michael van de Poppe – an X user with over 700,000 followers – was even more bullish. He highlighted Polkadot’s “fundamental progress“ over the years and jumped on the DOT bandwagon as an investor. 

The analyst recently described himself as a fan of the blockchain protocol, reminding about some essential Polkadot advancements such as the release of the Join-Accumulate Machine (JAM) Gray Paper.

“Overall, JAM integration will aim to increase the output to potentially hundreds of thousands of times more than the EVM of Ethereum. I’m sure I’ll be talking more about this in the upcoming months,“ he added.

The post Top Polkadot (DOT) Price Predictions for 2024 appeared first on CryptoPotato.

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Filed under: Bitcoin - @ May 10, 2024 7:22 pm