• Polkadot's cross-consensus messaging format approaches first production ready release, likely to make interaction between Parachains flexible and future-proof.
  • PolkaBridge's multi-chain automated market maker announces plan to onboard the Polkadot blockchain.
  • Analysts expect DOT to break past $38 level and hit $50 before a pullback.

Polkadot’s recovery from the drop on September 7 was fueled by developments in the network. Analysts expect the altcoin to continue its rally and hit a new all-time high. 

Polkabridge to onboard Polkadot, analysts expect a prolonged rally

Updates in the Polkadot ecosystem have triggered the altcoin’s ongoing rally. PolkaBridge’s multi-chain automated market maker currently runs on the Ethereum blockchain; it plans to launch its functionality and onboard Polkadot soon. 

PolkaBridge has positioned itself as a decentralized financial application platform where users can swap tokens on the DOT platform to other chains. The Polkadot based dApp plans to launch on the Polygon network. 

Interestingly, the sixth Parachain auction ended on September 8, and KILT Protocol won the slot. KILT is working on issuing claim-based verifiable, revocable and anonymous credentials to end users, and get them attested by trusted entities. Since trusted entities can issue credentials in return for money, the protocol will foster new business models in dApps. 

The seventh Parachain auction goes live on September 15. 

With projects like KILT building on Parachains, the native asset DOT’s on-chain activity is likely to get a boost and the altcoin is expected to rally. 

Winners of the first five Parachain slot auctions include Ethereum Virtual Machine (EVM) compatible projects that offer a range of decentralized finance applications, delivering liquidity and staking rewards. Once Parachain auctions are complete, and the parallel blockchains are launched by Polkadot, it is set to drive an explosive increase in the utility and demand for DOT. 

Michaël van de Poppe, cryptocurrency analyst and founder of Eight Global’s peak prediction of DOT’s price for the current cycle is $100 to $150. 

FXStreet analysts have predicted a 40% upswing in the altcoin’s price as it crossed major resistance at $29. DOT is likely to hit an all-time high of $50 in the current bullrun. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC demand and liquidity conditions remain weak

Bitcoin Weekly Forecast: BTC demand and liquidity conditions remain weak

Bitcoin price has been consolidating between $94,000 and $100,000 since early February. US Bitcoin spot ETF data recorded a total net outflow of $489.60 million until Thursday.

More Bitcoin News
Sonic (prev. FTM) rallies as TVL hits record high and market capitalization surpasses $3.1 billion

Sonic (prev. FTM) rallies as TVL hits record high and market capitalization surpasses $3.1 billion

Sonic (S), previous Fantom (FTM), rallies over 20% in the last 24 hours and trades around $0.90 at the time of writing on Friday after rising almost 64% this week. The migration of FTM to S token at a 1:1 ratio was completed on January 17. 

More Cryptocurrencies News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC gears up for volatility while ETH and XRP fight to stay afloat

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC gears up for volatility while ETH and XRP fight to stay afloat

Bitcoin price has been consolidating between $94,000 and $100,000 since early February; this consolidation phase could soon end. Ethereum price shows signs of strength while Ripple price fights to stay afloat.

More Cryptocurrencies News
Crypto Today: BTC tops $98K on US-Russia diplomacy, while NEAR and Bittensor lead AI tokens’ $30B rally

Crypto Today: BTC tops $98K on US-Russia diplomacy, while NEAR and Bittensor lead AI tokens’ $30B rally

The global crypto market rose 3% on Thursday, adding $45 billion to reach an aggregate market cap of $3.2 trillion. The crypto AI sector witnessed a 15% rally, with Bittensor (TAO) and NEAR emerging as top performers on the day. 

More Cryptocurrencies News
Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin: BTC demand and liquidity conditions remain weak

Bitcoin (BTC) price has been consolidating between $94,000 and $100,000 since early February, hovering around $98,000 at the time of writing on Friday.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP