Polkadot Token DOT Gains Ground After 7% Decline

Polkadot’s DOT Rebounds After 7% Slide, Supported by Strong Trading Volume

Polkadot’s DOT token recovered sharply from an intraday low of $3.91 to $4.08, bouncing back after a steep 7% decline. The rebound was accompanied by robust trading volume, highlighting buyer interest, according to CoinDesk Research’s technical analysis.

Over the 24-hour period ending July 24 at 18:00 UTC, DOT traded between $3.91 and $4.20 before closing near the $4.08 mark, reflecting notable price swings.

This recovery came shortly after the U.S. Securities and Exchange Commission (SEC) withdrew its accelerated approval for a Bitwise crypto ETF that included DOT among its top holdings by market capitalization.

DOT’s bounce coincided with gains in the broader crypto market, with the CoinDesk 20 index rising 1.4%.

Despite the strong rebound, DOT remained down about 2% over the past 24 hours, trading near $4.09 at the time of reporting.

Technical Overview

• Trading range of $0.28, representing 7% volatility between $3.91 low and $4.20 high
• Support confirmed near $3.96 with volume surpassing 4.28 million tokens
• Resistance identified around $4.10, where price faced rejection
• Volume spike of 73,061 tokens during the decline indicating institutional selling pressure
• Recovery suggests potential move toward $4.13 resistance
• Overall 2% decline over 24 hours despite strong bounce