Polkadot Price Surges 19%, but Swing Traders Urged to Exercise Caution
Polkadot's price has surged by 19% in just one week, prompting caution for swing traders as they weigh in on the altcoin's short-term prospects.
The rally, which began on August 31st, saw Polkadot test the psychological $1 resistance level - a barrier it last cleared back in June. Analysts attribute this uptick to a significant increase in daily network activity, with a 150% spike reported since Monday.
A substantial portion of this growth can be attributed to the Polkadot Products Devnet environment, indicating that interest in the project remains strong. However, some market observers are urging caution due to ongoing bearish trends and high overhead supply zones that may cap the altcoin's price movement.
The weekly chart reveals a prolonged downtrend since June 2025, with Polkadot dropping below the $3.75 long-term support level. To reverse this trend, the token must close above the crucial $1.38 resistance zone.