Will DOT's Rally Surpass Solana and Cardano, Sealing Its $12 Fate?

Polkadot's (DOT) market surge, driven by institutional and retail investor interest, has pushed its price towards a previously unmet high of $12. This bullish trend is supported by a rounding bottom pattern and optimistic sentiment among investors. However, DOT faces resistance at $10 and $11, and failure to break through these levels could lead to a decline to the $9.2 support level, undermining the bullish outlook.

Will DOT's Triumph Seal Its US$12 Destiny, Toppling Solana and Cardano?

Polkadot's (DOT) ascent on the crypto ladder has piqued the interest of institutional heavyweights, propelling its price higher. The cryptocurrency is eyeing a previous high it failed to conquer earlier. However, roadblocks lie ahead that could dim its current bullish glow.

Polkadot's Outperformance: Where Does It Stem From?

This week, Polkadot experienced a 12% surge in value, with both institutions and retail investors sharing the accolade. The week ending March 23 witnessed a remarkable increase in DOT's allure, surpassing the popularity of Solana and Cardano.

Institutions threw their weight behind DOT, resulting in inflows of US$5 million, a modest but impactful contribution. Conversely, SOL and ADA faced outflows of US$5.6 million and US$3.7 million, respectively. This institutional preference fueled DOT's price rally.

Retail investors have also regained their bullish fervor post-rebound. This sentiment is crucial for Polkadot's trajectory, as optimism breeds confidence, pushing the coin upwards.

DOT Price Forecast: Will US$12 Be the Next Milestone for Investors?

The positive signals suggest that Polkadot's price recovery is gaining momentum and poised for further growth. Over the past fortnight, the cryptocurrency has been forming a rounding bottom pattern, a bullish reversal signal indicating a potential 31% surge, setting a target price of US$12.

While DOT fell short of this target during its previous bull run, it has a second chance if it can surpass resistance at US$10 and US$11. This local hurdle could impede Polkadot's ascent, and a failure to clear these obstacles might lead to a dip towards the support level of US$9.2. Breaking below this threshold would undermine the bullish narrative, paving the way for a drop to US$8.