Best Polkadot (DOT) price prediction for 2024

TL;DR

Despite a recent 14% drop to around $7, some analysts believe Polkadot (DOT) has great potential for a bounce in the near future.
A potential bull market will depend on technological advancements and overcoming certain areas of support.

Is DOT a ‘sleeping giant’?
Polkadot, a blockchain protocol, has recently undergone numerous developments and caught the attention of many industry participants. However, despite these developments, the native cryptocurrency, DOT, has underperformed over the past month, down 14% and currently trading at around $7 (based on CoinGecko data).
One person who praised Polkadot’s recent progress and offered an optimistic prediction for the token is X user Dippy .eth.
“They are constantly building and delivering new updates. Over the past few months, we have seen new highs on the Polkadot blockchain, which gives us a signal of what is to come,” the analyst said.
User
“For short-term price targets, it is at least 60% higher. However, for Bull Run goals it is much higher (a few Xs). Accumulating declines is a good strategy as DOT could hit new highs once the alt season is fully underway.”
Previous DOT Forecast
Other analysts predicting a bright future for DOT’s valuation include CRYPTOWZRD and Jake Gagain. The former believes a “volcanic eruption brewing” is poised to occur if the asset exceeds the critical resistance area of ​​$9.60, while the latter predicts a new ATH sometime in 2025.
Michael van de Poppe, an X user with more than 700,000 followers, was even more optimistic. He highlighted Polkadot’s “fundamental progress” over the years and sided with DOT as an investor.
The analyst described himself as a fan of the blockchain protocol, recalling some essential Polkadot developments, such as the recent launch of the Join-Accumulate Machine (JAM) Gray Paper.
“Overall, the JAM integration will aim to increase output potentially hundreds of thousands of times more than Ethereum’s EVM. I am sure we will have more to say about this in the coming months,” he added.
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