Key Takeaways:
- Polkadot price is maintaining a steep descending trend without any possibilities of a bullish breakout in the near future.
- The bears have held a tight grip over the asset which has compelled the price to close the previous day’s trade on a bearish note at $4.61 with a market capitalization of $5.27 billion and a circulating supply of 1.14 billion DOT.
- The DOT price currently appears to be trapped under extreme bearish conditions due to which the token may be primed to find new lows very soon.
Polkadot Price History: 2022 Year in Review
| Month | DOT Price | % Change |
| Jan | $18.17 | -27.41% |
| Feb | $17.48 | -2.91% |
| March | $22.46 | +13.46% |
| April | $16.16 | -31.86% |
| May | $10.45 | -29.45% |
| June | $7.014 | -30.49% |
| July | $8.209 | +20.89% |
| August | $7.003 | -17.71% |
| Sept | $6.433 | -11.02% |
| October | $6.650 | +4.13% |
| November | $5.308 | -17.56% |
| December | $4.51* | -17.89%* |
Additional Read: Top Altcoins 2022
This is How Polkadot Price Performed in 2022
Source: Tradingview
Polkadot price has been undergoing acute bearish trend ever since the beginning of the yearly trade. After undergoing multiple halving events, the price now appears to have reached the lowest point with excessive selling pressure under huge bearish captivity. The DOT price has now reached below $5 when the yearly trade is about to close with dropped volatility and volume.
The price is not expected to display any major variations until the last week of 2022 which could cause a bearish end. However, the lower support levels may be maintained which could hold the price above $3.5 which can also be considered as the last point of defence. The price after the bearish close could begin with the new yearly trade by finding new lows which may further trigger a strong rebound ahead.
Polkadot Technical Analysis for 2022
Source: Tradingview
Ever since the crypto market crashed due to the fallout of the Terra Ecosystem, the DOT price has been trading within a descending trend, forming constant lower highs and lows. Moreover, the recent turbulence caused by the collapse of the FTX exchange has also squashed the hopes of a bullish close for the token. Mainly due to the reason that the collapse has created ripple effects on other platforms which have slashed the volume and volatility of the entire crypto space.
While the end of the yearly trade is pretty close, the price continues to remain under extreme bearish conditions which are expected to intensify in the coming days. The price may however attempt to rise slightly by may certainly not prevent a ‘bearish close’ as a notable drop may drag the price down and compel it to trade along the lower trend line for an extended period.
Additional Read: Polkadot Technical Analysis
Polkadot Price Prediction 2023
Source: Tradingview
The Polkadot price in the larger timeframe appears to be preparing for a giant move towards the north in the first few months of 2023. The price is trading within a notable bearish trend at the present but continues to trade within a falling wedge. The trade is yet to reach the pinnacle of the consolidation in Q1, 2023 which may trigger a fine move towards the upper resistance of the wedge in Q2 2023.
During H2 2023, the DOT price is expected to remain inflated but the pace could be lower as the buying volume may be restricted. Meanwhile, the bears are also expected to remain passive due to which the price may not witness massive drops. By the end of 2023, the DOT price is believed to reach a 2-digit figure and may also sustain until the beginning of the fresh yearly trade in 2024.
Polkadot Price Prediction 2024
Source: Tradingview
The Polkadot price, since its inception has been largely bullish and marked highs a couple of times beyond $50. Meanwhile, the bear market has dropped the price very hard as it bottomed to its initial levels and is finding the bottom. The DOT price may maintain a notable recovery in 2023 and by the end of the year may ignite a firm upswing, which could be carried on in 2024 also.
The year 2024 is assumed to be pretty bullish as after undergoing extreme bearish pressure in the past couple of years, the DOT price may even ignite a significant bull run too. The rally may gear up in the first 2 quarters and as it reaches the end of Q3, the price may have marked new highs. The Q4 trade is expected to remain consolidated but close to the gained levels which may assist the price to maintain a bullish close for the year 2024.
Polkadot Price Prediction 2025
Source: Tradingview
The Polkadot price in the larger perspective has been trading in an acute bearish setup by forming a double top pattern. The price after undergoing a huge price plunge which ignited since the beginning of the year 2022 appears to be very close to its neckline. The price is expected to hit the neckline in the coming days which may further drag the price slightly lower.
After reaching below the lower support zone, the price is believed to ignite a firm upswing towards new highs. The price may have marked a double-digit figure then and by mid-2025, the price is believed to rise high towards the ATH. During H2 2025, the DOT price may form new ATH and also rise high to reach the target beyond $100. Woefully, the rally may remain restricted below these levels as the bears may intensify their actions somewhere around $90.
| Year | Polkadot Price Prediction |
| 2022 | $5.2 to $6.1 |
| 2023 | $15.8 to $21.5 |
| 2024 | $35.78 to $51.3 |
| 2025 | $58.4 to $71 |
Overview of Polkadot On Chain Analysis:
Polkadot Development Activity
Source: Santiment
The development activity of a project determines the active participant of the team, working together to strengthen the platform. The rising activity determines that the team is working to offer new upgrades or features. This induces trust in the project depending on which the market participants may jump in to accumulate with the hope of a fine upswing.
Regardless of the market trends, the platform’s development activity remains largely bullish indicating the developer’s active involvement. Woefully the activity has dropped slightly but may rise in the coming days. However, this has merely impacted the DOT price but the metrics may help to be bullish in terms of fundamentals in the long term.
Total Weighted Sentiment
Source: Santiment
The total weighted sentiments is the combination of the positive and the negative comments which are further compared with the frequency over time. The levels have been trading along the average or Zero levels indicating the token has not been considered for either bullish or bearish mentions. The levels were slightly elevated by quickly dropping signalling a poor involvement of the market participants.
Social Dominance
Source: Santiment
Social dominance signifies, the popularity of the token on crypto platforms. The number of mentions and discussions in the crypto platforms account for the dominance of the token. It compares the volume of the token to the combined social volume of the 100 largest tokens. by market cap.
The social dominance of 50% for a token means the number of messages or posts discussed about DOT is half of the messages or posts of the 100 largest tokens. Currently, the social dominance of DOT is rising indicating that the token is becoming dominant with respect to the other largest 100 tokens.
Should you Invest in Polkadot in 2023?
Polkadot, since its inception, has displayed immense strength in its fundamentals while the price also rose to some extent. Now when the token is stuck within a beamish trap, the fundamentals continue to remain strong which signals bullish long-term projections. However, before investing in Polkadot or any other cryptos, having a deep knowledge of the industry and the market is imperative.
Top Crypto News of 2022 that Impacted DOT Price
- Each and every crypto including the DOT price was badly impacted by the Russia-Ukraine
Ukrainian cities under attack by Russia#RussiaUkraineConflict pic.twitter.com/esunKYwkHn
— WION (@WIONews) February 24, 2022
- Soon the fall of the Terra ecosystem spread a shock wave within the crypto space as the Bitcoin price halved slashing almost all the altcoins
today's attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!
— Caetano Manfrini 🔺 (@caemanfrini) May 8, 2022
- The Terra and the Celcius collapse created a ripple of fallouts within the markets like 3AC, Voyager Digital, etc. The recent platform impact was the popular crypto exchange FTX which collapsed, creating another wave of fallouts impacting BlockFI, Genesis, etc.
1) I'm sorry. That's the biggest thing.
I fucked up, and should have done better.
— SBF (@SBF_FTX) November 10, 2022
