Polkadot’s price remains 40% below its highest point in December but a rare chart pattern indicates a strong rebound is imminent. The leading layer-1 network has underperformed large-cap cryptocurrencies, partly due to its less prominent ecosystem compared to Solana and Ethereum.
However, Polkadot is working on upgrading its infrastructure with the Polkadot 2.0 initiative, aiming to scale for various use cases. This includes integrating Ethereum Virtual Machine and Solidity-based smart contracts, elastic scaling, and a unified address format.
Signs of these initiatives’ effectiveness are emerging. The amount of Tether and USD Coin within its ecosystem has grown by 400% over the past year, reaching $114 million. Polkadot’s American roots may also benefit from the Trump administration’s potential approval of a spot ETF, paving the way for increased investment.
Technical analysis suggests a bullish breakout is likely. A double-bottom pattern at $6 and a falling wedge formation indicate the coin will move higher in the near term. The next key level to watch is $11.65, 60% above the current level, which could drive Polkadot’s price upwards.
Source: https://crypto.news/polkadot-price-rare-patterns-point-to-a-breakout-ahead-of-key-events