Polkadot Its price is witnessing the upward impact of the positive interest it has received from institutional investors. The altcoin appears to be heading towards a previously failed high. However, he may encounter more than one resistance on his way. This could suppress the current rise.
Polkadot price has rebounded 12% this week, and some of the credit for that goes to institutions along with retail investors. Their interest in DOT increased so much in the week ending March 23 that they chose this altcoin over altcoins such as Solana and Cardano.
Polkadot recorded $5 million worth of inflows, which is not a lot but still positive. On the other hand, SOL and ADA observed outflows worth $5.6 million and $3.7 million, respectively. This shows that institutions preferred DOT this week, which increased the price.
Similarly, retail investors are also exhibiting the return of bullish sentiment following the recovery. Optimism, altcoinThis is very important for the Polkadot price as it will trigger the belief that it will maintain its upward trend.
DOT Price Forecast: Will Investors See $12 Again?
Bullish signs indicate that the DOT price is definitely on the path to recovery and will continue to rise. Over the past few weeks, the altcoin can be seen forming a rolling bottom formation. This bullish formation suggests a potential rally of 31%, setting the target price at $12.
DOT failed to achieve this goal during the previous bull run. But it has a chance this time, provided it can clear the resistance levels marked at $10 and $11.
This local barrier could hinder DOT’s rise. If it cannot overcome these resistances, it may fall to the $9.2 support level. A loss of this level would invalidate the bullish thesis and cause a decline to $8.
