Polkadot’s (DOT) price is on track for a significant rise, potentially reversing its recent downturn. A major factor contributing to this trend is sustained institutional interest.
Institutional Support Boosts Polkadot
Institutions have played a pivotal role in Polkadot’s performance, with DOT leading in institutional inflows throughout Q1. The altcoin has attracted $17 million year-to-date, surpassing other altcoins except for Ethereum. This institutional backing positions DOT well above competitors like Solana, XRP, and Cardano, highlighting its strong market favor.
Investor optimism around Polkadot is also on the rise, with sentiment reaching its most positive since December 2023. This bullish outlook encourages longer asset retention, anticipating price increases that could propel DOT to new highs.
Potential DOT Rally on the Horizon
Currently trading at $8.5, DOT is in a falling wedge pattern, indicating a possible bullish reversal. This setup suggests a 22.89% increase to $10.67, potentially establishing $10 as a new support level. However, this hinges on DOT rebounding from the $8 support. Breaching this floor could lead to a drop to $7.5, challenging the bullish forecast.
