Where Polkadot stands after 7-day hike
DOT's 13% hike brought fresh breath into the market. But traders are not as enthusiastic as they once were....
- Investor expectations around DOT had turned bearish, but a recovery might not be far away.
- Polkadot still lagged behind many L1 blockchains in terms of active users.
- DOT’s long/short ratio fell to 0.97, indicating mostly bearish sentiment towards the token.
- Open Interest (OI) had stabilized at a low level, suggesting that DOT could be preparing to rally again.
- Polkadot’s development activity was down 78.93, but its NFT volume remained impressive.
- DOT’s active users were a little over 4,000, suggesting that many addresses might not be holding on to their DOT tokens for long.
The article presents a mixed sentiment towards Polkadot's DOT token. While investor expectations have turned bearish, there is still hope for a recovery. The decline in active users and development activity is concerning, but the impressive NFT volume shows potential for interest in the token.