Polkadot sets record with 60M transactions—Is $22 the next stop?

• Polkadot’s monthly transaction reached 60 million. 
• DOT’s price crossed $10, and metrics remained bullish. 

Polkadot [DOT] recently set a new record, reflecting a massive rise in its network activity. This happened amidst a bull rally, which, if things falls in place, could sustain further. Does this mean DOT’s road to $22 is clear now?

Polkadot reaches a new milestone 

Token Terminal, a data analytics platform, recently posted a tweet

The blockchain’s monthly transactions have increased from 20 million to 60 million since the beginning of this year—a sign of rising usage and adoption of the blockchain. Not only transactions, but other metrics also hinted at a rise in network activity.

AMBCrypto’s look at Artemis’ data revealed that Polkadot’s daily active addresses have been rising over the past few weeks. Thanks to the rise in addresses and transactions, Polkadot’s performance on the captured value front also looked robust.

This was evident from the sharp rise in its fees and revenue over the past 30 days. 

Source: Artemis

Is DOT’s path clear?

Polkadot’s network activity surged at a time when DOT bulls were controlling the market. CoinMarketCap’s data, DOT, registered a commendable 25% price hike in the last seven days.

The previous day was also heavily in investors’ favor, as the token value increased by over 15%. At press time, the token had crossed a crucial resistance of $10 and was trading at $10.02 with a market capitalization of $15.2 billion.

Ali Martinez, a popular crypto analyst, recently posted a tweet mapping out DOT’s future plan. Martinez mentioned in the tweet that DOT was on the right track of crossing $10 or $11.

After that, Martinez expects the token to witness a short pullback towards $7.5. Once that’s done with, DOT might begin its journey towards $22 in the coming days or weeks.

Good news was that DOT’s trading volume surged along with its price—a sign of a sustained bull rally. Additionally, its open interest also increased, suggesting that the ongoing price trend will continue. If that’s true, then DOT might soon touch $11. 

Source: Santiment

Apart from this, as per Coinglass’ data, Polkadot’s long/short ratio registered a sharp uptick. This meant that there were more long positions in the market than short positions — indicating a rise in bullish sentiment in the market. 

Read Polkadot’s [DOT] Price Prediction 2024-25 

However, if the bears takeover the market, DOT might first drop to $9.5 before it continues to move southwards towards $7.5. 

Source: Coinglass