Dutch crypto analyst: Polkadot reaches bottom and heads to $25

In 2024, several cryptocurrencies showed significant increases, but Polkadot (DOT) lagged behind. The digital currency is still trading well below its peak of $55, which was reached during the previous bull market.

There is hope for Polkadot, however, as Dutch analyst Michaël van de Poppe has identified a bullish signal. This could mean that Polkadot will soon increase significantly in value.

Polkadot has reached its bottom

Well-known Dutch crypto analyst Michaël van de Poppe believes that Polkadot has bottomed out after a significant market correction in April. He sees significant potential for price increases, thanks in part to the publication of the JAM Graypaper, which he believes can help Polkadot continue to grow and develop.

The JAM Graypaper introduces a new structure for Polkadot, expanding the capabilities of the blockchain. One of the main goals is to improve network scalability, which is crucial for supporting more transactions and more complex applications. In addition, the JAM Graypaper includes plans to expand Polkadot’s applications to other industries and scenarios.

Promising Layer 1 blockchains outside of $ETH?

I think I’ve got a few, and one is $DOT.@gavofyork wrote the Polkadot Whitepaper in 2016 and has now released the JAM Graypaper, essentially enabling Polkadot 2.0.

Strong bounce in the markets too, at a cycle low still. pic.twitter.com/h3mUOOHJes

— Michaël van de Poppe (@CryptoMichNL) May 1, 2024

A Polkadot price of 25 dollars?

Now that the bottom has been reached, according to Van de Poppe, he expects that the DOT price can rise to $17. For this, it is crucial that the resistance level around $9.30 is broken. If this prediction comes true, it would represent an increase of almost 135% from the current price.

In the most optimistic scenario, Van de Poppe even expects a valuation of $25, which would mean an increase of 255%.

Polkadot 2.0

There is more good news to report. The upcoming update to the Polkadot network, known as Polkadot 2.0, is expected in the second quarter of this year.

This upgrade promises significant improvements by adding new features and increasing scalability. One of the new technologies, called ‘coretime’, aims to optimize the allocation of computing power within the network, increasing efficiency and reducing transaction costs.

In addition, a sharding mechanism is implemented that significantly increases the capacity of the network, potentially up to 1 million transactions per second. This is in sharp contrast to Ethereum’s (ETH) current capacity of 100,000 transactions per second after the update to Ethereum 2.0.

All in all, Polkadot’s future seems to be bright. It now remains to be seen whether the price will actually rise as Van de Poppe expects.

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