Parity Technologies, the leading developer of the Polkadot cryptocurrency, recently announced its plans to launch Polkadot 2.0 in Q2 2025. This highly anticipated update aims to significantly increase transaction throughput and solidify Polkadot’s position in the competitive blockchain market.
Experts in the industry believe that this new version could drive the adoption of the platform by decentralized application developers, making it a strong contender among the top blockchain technologies available. Analysts highlight that improved processing capacity is one of the key features of this update.
Polkadot has recently made notable technical advancements, as demonstrated by its performance chart. A weekly close above the critical resistance level of $8.60 was a significant development, indicating the potential establishment of a new support base. While similar situations in the past have produced mixed results, the importance of this new support level is undeniable.
An example of this occurred in 2021 when a successful test of this resistance propelled the cryptocurrency to new all-time highs, showcasing the upside potential of such technical moments. However, earlier this year, an unsuccessful test led to a significant drop, causing Polkadot to reach its lowest point in 2023.
According to cryptocurrency analyst @ali_charts, a comparative chart has revealed a bullish pattern exhibited by the Fantom cryptocurrency. This pattern suggests that the price of the DOT cryptocurrency may approach the $22 zone.
No need to chase after projects when plenty of solid ones are still under the radar! Take #polkadot $DOT, for example—it appears to be primed for a breakout! pic.twitter.com/uXXnRMkVW2 — Ali (@ali_charts) October 30, 2024
DOT Cryptocurrency Price Analysis Today
The Polkadot price is currently attempting to stabilize above the $8.60 pivot level. However, it is facing strong selling pressure above the $10.00 level. The next major resistance lies near the $15.00 level, and if surpassed, the price could gain upward momentum, potentially rising to $22.70.
On the downside, there is initial support near the $8.60 level, followed by the next significant support at $7.90.
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Polkadot (DOT)