Polkadot (DOT) Top Price Predictions for 2024

TL;DR

Despite its recent 14% drop to $7, some analysts think Polkadot ( DOT ) has great potential to bounce back in the near future. A possible bull run depends on technical developments and the breaking of certain support zones. Is DOT a “sleeping giant”?

The blockchain protocol, Polkadot, has gone through numerous developments recently, capturing the attention of many industry participants. Despite these advances, however, its native cryptocurrency, DOT, has underperformed over the past month, posting a 14% decline and currently trading around $7 (according to CoinGecko data).

One person who praised Polkadot’s recent progress and outlined a bullish prediction for the token is user X Dippy.eth.

“They are constantly creating and delivering new updates; in recent months we have seen new highs on the Polkadot blockchain, which gives us a signal of what’s to come,” the analyst said. he stated.

User X went further, describing DOT as “the sleeping giant” that is poised to explode by 60% in the short term and substantially more in the long term:

“For short-term price targets, at least 60% more. But for bull targets they are much higher (a couple of X). Accumulating on dips is a good strategy, as the DOT could be seeing new highs when the peak season fully begins.”

Previous DOT predictions

Other analysts predicting a bright future for DOT’s valuation include CRYPTOWZRD and Jake Gagain. The former believes the asset is poised for a “volcanic eruption” should it break the major resistance zone at $9.60, while the latter predicted a new ATH sometime in 2025.

Michael van de Poppe, an X user with more than 700,000 followers, was even more optimistic. He highlighted Polkadot’s “fundamental progress” over the years and jumped on the DOT bandwagon as an investor.

The analyst recently described himself as a fan of the blockchain protocol, recalling some essential Polkadot developments, such as the release of the Join-Accumulate Machine (JAM) gray paper.

“Overall, the JAM integration will aim to increase production to potentially hundreds of thousands of times more than Ethereum’s EVM. I’m sure I’ll be talking more about this in the coming months,” he added.

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