Polkadot Rallies 9% as Volume Surge Confirms Breakout Above $2.25
Polkadot (DOT) surged 9.2% to $2.28 over the past 24 hours, outpacing the broader crypto market after breaking through a key technical resistance level.
According to CoinDesk Research, DOT cleared the $2.25 barrier that had capped previous rallies, with trading volume spiking 60% above the seven-day average. The surge in activity points to strong institutional interest behind the move, rather than temporary algorithmic trades.
Price action displayed a textbook ascending pattern, climbing from $2.08 to $2.30—an 11.6% intraday range. Higher lows at $2.08, $2.23, and $2.29 highlight growing bullish momentum. However, a double-top formation near $2.301 signals short-term resistance.
The broader crypto market also rallied, with the CoinDesk 20 Index advancing 8% in tandem with DOT’s gains.
Technical Outlook
- Support and Resistance: Former $2.25 resistance now serves as a floor, while $2.30–$2.301 marks near-term upside resistance.
- Volume Confirmation: Trading 60% above the weekly average validates the breakout and underscores significant institutional participation.
- Bullish Structure: Higher lows confirm an ascending trend; the double-top near $2.301 may prompt temporary consolidation.
- Upside Potential: A sustained break above $2.31 could unlock further gains, with $2.25 as a defined risk level for continuation trades.
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