Polkadot Rises on Institutional Demand, Faces Resistance at $3.80
Polkadot’s native token, DOT, gained as much as 4% over the last 24 hours, climbing from $3.65 to a peak of $3.80 before facing resistance amid increased profit-taking.
The rally was driven by a notable surge in institutional activity, with volume reaching 5.29 million DOT—nearly triple the daily average of 1.83 million—according to CoinDesk Research. The most significant momentum occurred between 10:00 and 11:00 GMT, when DOT jumped from $3.68 to $3.79.
Technical models confirmed accumulation at the $3.68 level, where high-volume support formed. However, sellers emerged near the $3.80 mark, capping gains for the session.
As of the latest reading, DOT was trading around $3.76, up 3% on the day. The broader crypto market also advanced, with the CoinDesk 20 Index rising 3.7%.
Meanwhile, staking participation on the Polkadot network has declined, with the staking rate falling to 49.17% over the past week. This may indicate increased token availability on exchanges, possibly supporting the recent trading volume.
Technical Takeaways:
- Support: Strong buy-side interest confirmed at $3.68 with high-volume validation.
- Resistance: Profit-taking capped gains at $3.80, a key near-term level.
- Trend: Higher lows indicate sustained bullish momentum despite overhead pressure.
- Market Context: Broader crypto recovery and institutional inflows aligned with the move.
If DOT can consolidate above $3.68 and reclaim $3.80 with volume, a continuation toward $3.90 and beyond may be in play. However, failure to break resistance could signal short-term consolidation.
