Polkadot transactions over relay and para chains grow with the new address count. Will this drive the bull run to $20?
With a price jump of 130% in 30 days, Polkadot DOT $10.15 24h volatility: 6.1% Market cap: $15.49 B Vol. 24h: $1.62 B is one of the rising pre-2021 crypto. The bullish breakout of the $10 psychological mark refuels momentum in the Polkadot recovery rally.
As the uptrend breaks above multiple resistance levels, the overall network growth and growing parachains drive the bullish trend.
Polkadot price trend presents a critical change of character in its weekly price chart with its parabolic rise. With its 5th positive bullish week, the bull run in Polkadot now scales to 186.79%.
Source: Tradingview
Starting from $3.6979, the bull run has exceeded the 38.20% Fibonacci level at $10.262. The sudden exponential surge completes a double-bottomed reversal from the $3.60 base level.
The recovery rally is currently challenging the neckline, coinciding with the 38.20% Fibonacci level. Furthermore, the weekly candle is close to challenging its 52-week high at $11.89.
Currently, the weekly candle hints at closing above the crucial neckline. This will complete the bullish breakout and increase the possibility of a new breakout rally.
The MACD and signal lines have entered positive territory with the exponential surge. Furthermore, the linear trend in positive histograms reflects a surge in trend momentum.
Amid the improving market numbers, Polkadot reveals a surge in network activity growth. With the parabolic rise, Polkadot hits a new 30-day high in the number of new addresses over the Polkadot relay chain. It has reached 3.5K, surpassing the previous peak of 2.8K in November.
On a monthly scale, the number of new addresses on the relay chain reached 56.22K in November 2024. This marks a more than 100% surge compared to September 25.66K.
The transfers over the Relay chain had a seven-day moving average of 14.55K. Further, the monthly Polkadot parachain transfers registered a new all-time high of 9.07 million, surpassing the 8.81 million in October.
Using the Fibonacci levels, the upside price targets for the bull run are at 61.80% and 78.60% Fibonacci levels at $19.49 and $30.78. The double bottom breakout surpassing the neckline at $10.262 with a weekly closing will hint at an extension next week.
Hence, with the parabolic rally gaining momentum and marking a new breakout rally, the price chart targets a 2x-3x extension in this bull market. Furthermore, with a market cap of $16.21 billion, Polkadot witnesses a trading volume of $1.42 billion, fueling the rally.
In conclusion, as the growing activity over the relay and parachain reflects the rising adoption, Polkadot shows promising figures and price trends that support the parabolic rise.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
