Polkadot (DOT), one of the most innovative crypto projects on the market, is currently facing a challenging situation.
Despite a recent protocol upgrade, which should naturally improve its functionality and scalability, Polkadot’s (DOT) price is predicted to experience a 13% downturn. Details of technical analysis agree this downward match is expected to continue in the short term.
The price of DOT has dropped 2.8% in the last 24 hours, trading around $5.68 as of writing. This drop occurred despite the positive on-chain metrics and the continued network developments. The daily holder count is at an all-time high of 1.3 million, with 321 new additions over the last 24 hours. Topping that, daily active users surged by 19.21%, and on-chain volume hit an all-time high (Polkadot Subscan). These metrics suggest that the network is active and well.
Polkadot’s Daily Holder Count, Source: Polkadot Subscan
