Polkadot's Price Under Pressure, But Devnet Activity Fuels Bullish Reversal Hopes
Polkadot's (DOT) price has been under pressure due to a technical breakdown, which put its recovery setup in jeopardy. However, growing developer activity and expanding network development are expected to shape DOT's next major move.
Currently, the DOT price is trading at $0.8599 with a 24-hour trading volume of $110.62 million and a market capitalization of $1.46 billion. Analyst Crypto With Gopal noted that the DOT price rejected the upper boundary of a developing triangle pattern on the 15-minute chart.
The subsequent breakdown below lower support has shifted short-term momentum in favor of bears, with a sustained move beneath the $0.855, $0.850 zone potentially confirming further downside and invalidating the earlier bullish target near $0.910.
However, the bearish pattern might be invalidated if there is a rapid bounce higher from the $0.865-$0.870 area, which could push the DOT price back towards the earlier range of consolidation.
The Polkadot Devnet has been driving network activity, with a sudden rise in activity level on September 2 as its throughput rose by around 150%, reaching 0.06 transactions per second. The surge is tied to Polkadot Products Devnet, which allows developers to run .dot apps while testing various features.