Polkadot price may wake up in 2025 as a rare chart pattern forms
The post Polkadot price may wake up in 2025 as a rare chart pattern forms appeared on BitcoinEthereumNews.com.
Polkadot price was the top laggard large-cap cryptocurrency in 2024, but a rare chart pattern points to a strong rebound in 2025. Polkdaot (DOT) retreated by over 15% this year, while other top coins like Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB) soared to their all-time highs. The coin’s underperformance occurred even as its network saw successful ecosystem launches. For instance, Hydration, a leading decentralized exchange within the Polkadot ecosystem, handled a record-high volume of over $124 million in December. Polkadot’s NFL Rivals, a digital collectible card game, has gained traction among NFT traders. Meanwhile, Bifrost, a liquid staking network in Polkadot, accumulated over $15.1 million in assets, while Moonwell, a lending protocol, has nearly $200 million in total value locked. On-chain data also shows that the number of transactions on Polkadot has continued to rise, hitting a record high this week. Even with Neuroweb transactions offline for the V8 upgrade this week… Polkadot network-wide monthly transactions are set to make a new All Time High. pic.twitter.com/bHCQLW011u — Jay Chrawnna 🐂⭕️ (@GldnCalf) December 30, 2024 According to The Block, Polkadot saw 8.52 million transfers in December, slightly down from 9.11 million in November. However, transfers in the fourth quarter reached an all-time high, signaling robust activity on the network. Similar growth was observed in the relay chain, where both active addresses and transfers increased. Polkadot also offers one of the highest staking yields among major cryptocurrencies, with a yield of 12% and a staking ratio of 25.13%. These strong fundamentals may support a price rebound in the coming months. Polkadot price has formed a falling wedge DOT price chart | Source: crypto.news The daily chart indicates that DOT price has pulled back over the past few weeks, falling from this month’s high of $11.70 to the current $6.8. Polkadot…
Filed under: News - @ December 31, 2024 5:28 pm