Polkadot ecosystem is one of the most promising projects which has also been termed as ‘Ethereum killer’. As it aims to provide the solutions for the loopholes with the ETH network, like scalability, high gas fees, etc. The DOT price bull rally smashed the highest levels, earlier this month showcasing a tendency to hit $50 soon.
Soon, the market entered a huge correction with the most dominant crypto slashing nearly 30% of its price, drawing the entire crypto space. DOT prices too suffered nearly 50% of the price slash. No doubt it recovered to some extent, yet still not showcases its desire to propel to yearly highs.
The prolonged consolidation no doubt puts a question mark on the possible bull rally. Yet on a normal chase, a huge breakout is always on the way after a healthy accumulation. The bulls current may be still waiting for the strength to get concentrated and finally uplift the price to next level.
However, the consolidation appears to have reached its peak and hence a major leg up may be imminent. The price may rally more highs than expected, which can reach three digit numbers also as predicted by an analyst.
According to David Gokhstein, CEO of Gokhstein Media, along with Polkadot, Chainlink is also expected to hit a 3-digit figure. Currently at the press time, the DOT price is $22.25 with a drop of 6.51%. The price is expected to break the resistance levels at $24.4 initially and rally high towards the ATH. In the worst case, the support levels at $20 should be held strong to keep the Polkadot price rally intact.