Polkadot Network Activity Surges 17,200% Ahead of Potential Breakout to $1.20

Polkadot (DOT) has seen a significant increase in network activity, with daily transactions jumping 17,200% within one day. According to Chainspect, a blockchain analytics provider, this surge is a sign that buyers are defending key support levels and preparing for a potential breakout.

Crypto With Gopal notes that DOT is currently developing a falling wedge pattern on its daily chart following a prolonged downtrend. The price has been testing its primary support zone between $0.70 and $0.75, with the narrowing pattern implying that sellers are losing momentum as buyers defend the lower boundary.

Should this support hold, DOT could build strength and test the upper trendline for a breakout, potentially targeting a near-term move toward $1.20. However, analysts emphasize that a sustained reversal will depend on continued adoption and stronger buying pressure.