Polkadot (DOT) Bulls Aim for $10.31 as Trading Volume Surges 88.09%

Polkadot [DOT] has caught the market's attention following an 88.09% surge in trading volume and a slight price increase (0.45%).

After a slight price increase (0.45%) and an 88.09% surge in trading volume, Polkadot [DOT] has attracted attention.

At press time, DOT was trading at $5.31, having broken out of the falling wedge pattern formation.

Despite the high trading volume, DOT bulls must maintain the uptrend momentum to confirm the breakout and target the $10.31 key psychological level.

Falling wedge breakout: Will the bulls take charge?

Following a previous short-term rally, DOT has been trading within a bullish falling wedge pattern.

A closer look at the daily chart reveals that the altcoin has gained bullish momentum, breaking above the $5.0 key resistance at its upper descending trendline.

To hit the $9.07 key resistance level, DOT must maintain its bullish momentum. If the bulls can push past this level, Polkadot could be aiming for the $10.31 psychological level.

Failure to sustain above the falling wedge could result in a retest of $5.0 support and below.

According to Cryptowaves, Polkadot’s 24-hour RSI stood at 45.64 and rose to 56.81 in the 4-hour timeframe, indicating increased buying pressure associated with its high trading volume.

Moreover, TradingView data on short-term moving averages (10-20 EMA/SMA) suggested bullish momentum, while the mid-term and long-term MAs looked bearish, indicating resistance ahead.

The 24-hour Long/Short Ratio of 2.64 indicated a short-term bullish investor sentiment.

A glance at the on-chain metrics

According to data from Coinalyze, DOT’s 24-hour Open Interest had decreased by 6.7 at press time.

Furthermore, DefiLlama data showed that within Polkadot’s ecosystem, defi activity was predominantly on its parachains rather than the native chain.

From late 2024 into 2025, the ecosystem of Polkadot has seen moderate growth in terms of active addresses compared to the earlier months. However, this month has seen a gradual decline in these addresses.

So, what next?

Polkادت’s future is tied to the growth of its entire ecosystem. For the native token, DOT, to maintain levels above the bullish falling wedge pattern, it will need strong buying pressure in the coming weeks.

While investors may be considering DOT for short-term gains, they could also be diversifying into its parachains for a long-term conviction in its ecosystem.