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- Polkadot had the highest average Nakamoto coefficient.
- The DOT price chart remained red, but there were chances of a trend reversal.
Dotted [DOT] It recently reached a new milestone that reflects the reliability and transparency of blockchain. Although this achievement was commendable, it did not have a positive impact on the price of the token, as the daily and weekly charts were painted in red.
Polkadot’s new landmark
Polkadot Insider, a popular X handle that posts updates related to the blockchain ecosystem, open That DOT ranked first in the list of blockchains according to the average Nakamoto coefficient.
To begin with, Nakamoto Factories provides the minimum number of entities needed to control a third of the stake. The higher the Nakamoto coefficient on the blockchain, the more decentralized it becomes.
Aside from this, Polkadot’s performance on the development front also remained commendable throughout the past week.
AMBCrypto’s look at Santiment data revealed that DOT development activity rose sharply. Moreover, the number of contributors to blockchain development activity has also increased several times over the past seven days.
Source: Santiment
DOT is under the influence of bears
However, none of this was enough to shake off the bears, as the price of the token fell last week.
according to CoinMarketCapThe price of DOT has fallen by 1% in the past seven days. At the time of writing, Polkafot is trading at $6.99 with a market capitalization of over $10 billion.
The main reason behind this sluggish performance may be the current market condition, which has caused the charts of many currencies to turn red.
Aside from that, AMBCrypto found that the DOT funding rate rose last week. In general, prices tend to move in the opposite direction to the financing rate.
However, things may change soon as investor confidence in the token improves slightly.
AMBCrypto analysis of Santiment data revealed that after the decline on May 28, DOT-weighted sentiment has once again moved into positive territory.
This means that bullish sentiment around the symbol has increased. But her social size declined, reflecting her declining popularity.
Source: Santiment
Chances of a trend reversal also looked likely, as the main technical indicator looked bullish.
Polkadot’s Chaikin Money Flow (CMF) registered a slight rise from the neutral mark. At press time, its value is 0.06, indicating that prices will rise soon. But the Relative Strength Index (RSI) remained bearish as it headed south.
Source: Trading View
is reading Polkadot [DOT] Price prediction 2024-25
AMBCrypto then analyzed Hyblock Capital’s data to look for potential targets if DOT’s price action turns to the upside. According to our analysis, if DOT turns bullish, investors could see it rise above $7 again as liquidation will rise to $7.5.
However, if that does not happen, DOT price could fall to the $6.92 support level.
Source: Hyblock Capital
