Polkadot Surges Up to 4% Amid Strong Institutional Activity

Polkadot’s (DOT) price increased by up to 4% within a twenty-four-hour frame, escalating from $3.65 to $3.80 due to substantial institutional buying, as reported by CoinDesk Research.

Key Insights

• Polkadot witnessed a price rally during a broader uptrend in the crypto market.
• Current support is positioned at $3.68, while resistance is seen at $3.80.

Market Activity

The breakout appears to have intensified between 10:00-11:00 GMT, where the price rallied from $3.68 to $3.79. A considerable increase in trading volume to 5.29 million units was noted, nearly tripling the daily average of 1.83 million, reinforcing the support level at $3.68.

However, gains are capped at $3.80 owing to profit-taking activity associated with high volume.

Additionally, the staking rate for Polkadot has adjusted to 49.17% over the previous week, coinciding with the general rise of the crypto market, which has seen the broader market gauge, the CoinDesk 20, rise by 3.7% recently.

In the latest trading, DOT was approximately 3% higher, trading near $3.76.