• Polkadot was solely behind Polygon by way of income efficiency final week. 
  • Metrics and market indicators supported the bulls.

Polkadot [DOT] lately made it to the headlines, not for its growth exercise, however this time for income. It ranked second on the record of high blockchains by way of income efficiency within the final seven days. The community nabbed the primary spot whereas Solana sat within the third spot on the record.  

Polkadot Insider additionally launched its on-chain information on 12 January, which revealed fairly a number of essential stats concerning the ecosystem. For example, the whole variety of finalized blocks reached 13.8 million, and complete transfers had been about to succeed in 10 million.

Furthermore, the variety of holders additionally crossed a million, which regarded optimistic for the blockchain. 

Learn Polkadot’s [DOT] Price Prediction 2023-24

A commendable efficiency 

DOT’s efficiency on the value entrance was additionally in buyers’ favor because it registered double-digit good points within the final week, because of the continued bullish market. CoinMarketCap’s information revealed that DOT’s value elevated by 13% over the last week, and on the time of writing, it was trading at $5.23 with a market capitalization of over $6 billion. 

A have a look at DOT’s on-chain metrics recommended that the value hike didn’t occur simply due to the market situation, however that a number of components had been at play. DOT’s Binance funding price remained persistently excessive within the final seven days, reflecting its demand within the derivatives market. 

Optimistic sentiments round DOT additionally remained comparatively excessive final week, indicating the neighborhood’s belief in DOT. As per LunarCrush, DOT’s volatility elevated significantly, rising the possibilities of a continued uptrend within the days to observe.

Supply: Santiment

Lifelike or not, right here’s DOT’s market cap in BTC’s terms

What ought to Polkadot buyers anticipate?

DOT’s market indicators gave a bullish notion, as most of them recommended that the uptrend will maintain itself within the coming days. The MACD revealed a large bullish higher hand available in the market. DOT’s Chaikin Cash Stream (CMF) was additionally considerably above the impartial mark. 

In line with the Exponential Shifting Common (EMA) Ribbon, the 20-day EMA was quick approaching the 55-day EMA, rising the possibilities of a bullish crossover. Furthermore, the Bollinger Band revealed that DOT’s value entered a excessive volatility zone, additional rising the possibilities of a continued value surge.

Nevertheless, DOT’s Cash Stream Index (MFI) was within the overbought zone, which is likely to be regarding for buyers. 

Supply: TradingView

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