Altcoins
DOT prices rise 9.73% in 24 days after weeks of decline.
- DOT price jumped 9.73% in 24 hours after weeks of decline
- This increase is due to strong whale activity, with large transactions and staking
Polkadot (DOT) The large transactions have caught the attention of the crypto community. In fact, according to reports, the altcoin has seen a 33% increase in transactions, despite the low price of DOT. But that’s not all, with Polkadot Watch Tweeter,
“50,000 $DOT ($291,500 USD) was transferred from an unknown wallet to an unknown wallet.”
Likewise, the DOT has also seen a widespread increase in staking as whales continue to do so. Toni’s Bitcoin Published on X (formerly Twitter), DOT received $2.6 million in staking.
“Polkadot has received 2,600,000 $DOT ($14,378,021.96) in stake as whales continue to buy and #stake $DOT.”
Source: X
What drives whale activity?
These activities have sparked speculation about the reasons behind the higher investments in DOT. One notable factor driving whale activity and higher stakes for DOT is speculation around a DOT ETF.
According to Voice of Lark, There is positive sentiment in the market due to a possible DOT ETF application by Coinbase.
“Coinbase Plans Polkadot ETF, Signaling Potential Price Surge for DOT and Popular Altcoins.”
Prevailing market sentiment
Source: Prophet Market
AMBCrypto’s analysis of DOT market sentiment indicated that it has been largely positive lately.
To be more specific, the crowd sentiment was positive at 0.1325, the z-score was 0.75, and the buzz was 0.83. Simply put, the crowd seemed optimistic about DOT’s prospects on the price charts.
Price Indicators and Charts
At the time of writing, DOT was trading at $5.87 after rising 9.73% over the past 24 hours. Despite this price increase, however, trading volume has dropped by 8.20% over the same period.
In addition, Polkadot The RSI reached 46 after crossing the RSI-based moving average at 44 from below – a sign of an uptrend. A rising RSI usually implies strengthening momentum, with reduced selling pressure across the board.
Source: Tradingview
Additionally, the on-balance volume has surged over the last 7 days, from -$2.7 million to $949,000 at press time. When the OBV increases, it means that buying pressure may be outweighing selling pressure.
This is a bullish signal because a higher OBV often precedes a price increase.
Source: Santiment
Furthermore, according to Santiment, the total supply held by whales has increased from $48 million to $56.3 million in the last 7 days. The increasing accumulation of whales shows the confidence of long position holders in the direction and future potential of the altcoin.
Source: Coinglass
Finally, DOT had a negative net flow of -$124.76k at press time, after negative outflows over a 4-day period.