Recently, the Polkadot ecosystem showed notable growth, marked by an increase in Total Value Locked (TVL) and trading activity.
Polkadot's On-Chain Activity
The Polkadot ecosystem continues to expand its activity, largely due to the decentralized exchange Hydration DEX. The platform's TVL has reached $400 million, with a daily trading volume of $16.3 million, indicating a significant rise in user engagement.
Price Outlook for $DOT
Despite overall market weakness, analysis suggests a possible test of support levels in the $3.5–$3.6 range. If $DOT holds this support, there is a chance for a bullish reversal. Currently, the token is priced at $3.82.
Warnings Over Potential Breakdown
Some analysts highlight the risks of a potential breakdown. If $DOT falls below the channel’s support, it could signal a short position on the market. Traders are advised to remain patient and monitor the situation closely.
Polkadot's position remains resilient amid market challenges. Increased user activity and liquidity will likely contribute to future price growth.
