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Analysts are abuzz on recent news and updates from Polkadot (DOT), many believing the token is primed for an impressive rally in the coming weeks.
Last week, popular crypto exchange Binance announced plans to list the Polkadot based project Moonriver (MOVR) on its platforms, which subsequently sent the token soaring. Back in September, a mere 3 weeks into its launch, the one-layer blockchain Moonriver recorded over one million transactions, with more than 680,000 MOVR tokens (worth approximately $130 million) having been staked on its platform. This translated into a 500% surge in Moonriver’s utility token, MOVR, and created subsequent gains for its parent network, the open-source protocol Polkadot.
Polkadot also held a parachain auction last week which managed to generate quite a bit of excitement around the blockchain and its native currency. An integral part of Polkadot’s vision and structure, parachains are project-specific specialized blockchains that play a big role in scalability by connecting and forming a multi-chain within Polkadot’s network. Through the auction, developers have been able to bid for slots on Polkadot’s ecosystem, bringing benefits of security and interoperability.
Excitement around last week’s auction translated to gains before the digital “gavel” struck, driving impressive gains of 50% in the thirty days leading up to the event. Future auctions are set to happen once a week over a period of five weeks, something that is bound to ramp up interest and a price rally for the DOT coin incrementally.
In terms of price predictions for DOT, cryptocurrency strategists and trader Michaël van de Poppe has predicted that DOT’s price will hit anywhere between $100 and $150 for this bull cycle. On November 4th, Polkadot managed to hit an all time high of $55.20. Since then, the price has been consolidating under the $48 resistance level which suggests that a breakout is due.
Keeping in line with alt season that kicked off early in the Fall, Polkadot has not disappointed. For more on why investors may be rushing to buy Polkadot, check out this video below.
At press time, DOT was exchanging hands at just above $39. The token has managed to surge more than 600% since the beginning of the year.
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