Evaluating the Probability of DOT Maintaining its Growth

Polkadot has hit new wires lately due to its performance. The recent network updates had added steam to DOT’s upside within the cryptocurrency market.

That saw DOT becoming the ultimate performing digital asset in the top ten crypto list by Coinmarketcap. While publishing this content, DOT changed hands at $9.01, following a substantial bull run that saw it gaining 16.35% during the week.

DOTting the Map

Luna Crush’s data shows Polkadot has climbed to new highs this week. Moreover, Polkadot Insider has offered data to back this narrative in a weekly update. The network’s social signals show Moonbeam, Astar, and Acala as the most attractive projects within the Polkadot network (at the moment).

Polkadot’s social mentions have hit 211.29K, whereas social dominance exploded to 0.40% during the timeframe under review.

Lucratively, DOT’s social engagements surpassed 700 million during August’s first week. Moreover, the Polkadot-based Astar platform has declared partnering with Alchemy Platform for accelerated dApp development. This news might boost Polkadot through user growth.

Phala, another DOT-based network, has introduced a stake pool description feature on its app. That will allow pool users to access social platforms like Twitter and Discord using the app.

Indeed, Polkadot has presented growth on various on-chain metrics. The broad market sentiment offered an apt enhancement to back Polkadot’s future. Nevertheless, a report shows that Polkadot might still see a short-term reversal.

The alternative token flashed bearishness during this publication, following a negative change within the previous day. Meanwhile, the sudden setback has changed the network volume course.

Polkadot investors should also watch broad market sentiment for upcoming price direction. While publishing this post, bears seemed to showcase. For instance, the global cryptocurrency market capitalization dropped 1.25% within the past day to $1.09 trillion. Also, the overall market volume dropped 13.385 within the past 24 hours to $62.57 billion.

As mentioned, bears seemed to rejoin the market. Bitcoin struggles to keep the $23K area after losing 1.42% within the past 24 hours to $23,067.30. DOT will hardly sustain its upside amidst such trading conditions. However, time will tell.

Stay tuned for the latest crypto news.