Polkadot Surges on High Network Activity and Capital Inflows

Polkadot's price has surged by over 13% in the past 24 hours, driven in part by high network activity and capital inflows. The total crypto market is also rallying, with short liquidations increasing by 17% to $272 million.

The growth in Polkadot's Monthly Active Addresses has more than doubled in September, reaching a high of 82.9K before retracing to 80.3K. Meanwhile, monthly token trading volume has increased by 116%, hitting $4.70 billion. Daily transactions are averaging 238K, with the sum for the past 30 days at 7.20 million.

Capital flow has turned positive this month on an overall scale, with institutions gradually returning to buying the 21Shares Polkadot ETF (TDOT) after two months of dormancy. Net inflows of $663K were seen in September, and treasury net flows surpassed $2.04 million in the past 24 hours.

Technically, Polkadot is respecting a rising trendline support on the daily timeframe, with the price bouncing off the support for the third time. The Bollinger Bands are expanding, indicating increasing volatility, while the Stochastic RSI shows seller exhaustion and rebounding from the oversold territory.