Polkadot’s DOT slipped on Friday as sellers erased earlier gains, with a surge in trading volume confirming a clear technical breakdown.
The token retreated from a session high of $2.09 to $1.97, undoing its recent rally. Data from CoinDesk Research’s technical analysis model shows the move occurred amid unusually heavy trading, with volume running nearly three times above normal levels.
Downside pressure intensified after DOT fell through the $2.05 support zone, a level that had repeatedly held in prior sessions. The breach accelerated on roughly 10.3 million tokens in volume, signaling a decisive break of the ascending trendline that had supported the previous bullish structure.
Price action pointed to a sharp rejection from higher levels, following an earlier move within an ascending channel between $2.01 and $2.09. The failure at the upper boundary of that range marked a shift in momentum as sellers took control.
After the selloff, DOT found short-term support near the $1.95 psychological level, where prices have begun to stabilize. Recovery attempts have so far been capped below $1.985, reinforcing near-term resistance.
The broader crypto market also traded lower, with the CoinDesk 20 index down 0.6% at the time of writing.
Technical Overview: DOT Under Pressure
Support and Resistance
- Initial support holding near $1.95 following the $2.05 breakdown
- Immediate resistance established at $1.985 after failed rebounds
- Near-term consolidation range forming between $1.95 and $2.01
Volume and Momentum
- Breakdown confirmed by 10.3 million tokens in volume, 284% above the 24-hour average
- Peak hourly volume reached 995,000 tokens, roughly 400% above the session norm
- Elevated volume supports the validity of the breakdown
Chart Structure
- Ascending trendline support decisively violated
- Ascending channel from $2.01 to $2.09 completed with a strong rejection
- Shift in market structure signals weakening bullish momentum
Targets and Risk
- Downside risk extends toward $1.90 if $1.95 support gives way
- Recovery would require a reclaim of the $2.00 level with volume confirmation
