Will Polkadot [DOT] maintain its double-digit gains? Analyzing…

• Bullish sentiments around Polkadot increased considerably last week.
• On-chain metrics were promising and market indicators remained bullish.

On 20 February, Polkadot Insider tweeted out the Polkadot [DOT] ecosystem’s weekly recap, highlighting the updated statistics of the network. As per the tweet, Polkadot’s revenue registered an increase over the last week, with the highest number on 18 February. 

Read Polkadot’s [DOT] Price Prediction 2023-24

DOT’s total number of transfers reached over 10.1 million, while the staked value exceeded 611.3 million. DOT’s performance on the social front also looked promising, with its social dominance and mentions both increasing by over 27%. The community’s sentiments about DOT also remained positive, as its bullish sentiment shot up by over 30%. 

Not only that, but quite a few partnerships and integrations occurred over the last week. For instance, Zeitgeist, a prediction market software, announced that it plans to shift to Polkadot. As per the official announcement, the migration will happen in March 2023, and all assets and wallets will be migrated with minimal disruption to the users. 

Polkadot’s on-chain performance was decent 

A look at Polkadot’s on-chain metrics suggested that the network had a comfortable week. DOT remained in constant demand from the derivatives market as its Binance funding rate was high. DOT’s volume also increased, which was positive news as its price went up. The social volume was relatively high, reflecting its popularity in the crypto space.

Moreover, DOT’s development activity was also high. However, it was interesting to see Aptos [APT] replace DOT from its position of the top blockchain in terms of daily development activity on 19 February 2023. 

Source: Santiment

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A week driven by the bulls

DOT’s price increased by over 22% in the last seven days, which was commendable. According to CoinMarketCap, at the time of writing, DOT was trading at $7.45 with a market capitalization of over $8.6 billion. DOT’s daily chart revealed that the bulls had an advantage in the market last week, which is why DOT registered double digit gains.

The MACD displayed a bullish crossover last week. Additionally, DOT’s Relative Strength Index (RSI) remained high during the last few days, which was bullish. The same was true for DOT’s Chaikin Money Flow (CMF). However, things might not remain the same in the coming days, as both the RSI and CMF have registered downticks lately. 

Source: TradingView