DOT Price Surges on Bullish Shift in Market Sentiment

Polkadot (DOT) price has risen by 5.2% to $0.8648, outperforming a broadly flat market. This significant increase is largely driven by positive social sentiment and record capital inflows into the asset.

The DOT price broke above a descending trendline on its fifth attempt, reaching $0.86 on August 4. Short positions dominated, with $190K in short positions liquidated in 24 hours versus just $9K in longs.

This shift in market structure and squeeze on bearish bets is bullish for short-term price action. Traders are watching key levels of support at $0.7950 and resistance targets at $0.9090 and $1.0450.