Polkadot was the most underperforming large-cap cryptocurrency of 2024, retreating by over 15% while other top coins reached new highs. Despite its challenges, the ecosystem saw notable developments, such as Hydration, a Polkadot decentralized exchange, reaching a trading volume of $124 million. The digital collectible card game NFL Rivals also gained popularity, along with Bifrost, a staking platform amassing over $15.1 million. Polkadot’s total transactions in December were slightly down from the previous month, yet the overall activity for the quarter reached an all-time high.
The positive momentum on the network is further supported by a strong staking yield of 12% with a staking ratio of 25.13%. Technical analysis suggests that Polkadot’s price is on an upswing as it has formed a falling wedge pattern, an indicator of potential bullish reversal. Currently trading at $6.8, the price is positioned above both the 100-day and 200-day moving averages. The confluence of these factors indicates a possible bullish breakout, with potential to reach a high of $11.68, which would mark a 72% increase from current levels.
