- Polkadot has been in a strong bullish trend in the past few months.
- The ongoing community vote 101 has attracted a 0.06% turnount.
Polkadot price has not been left behind in the ongoing crypto rebound. DOT/USD jumped to a multi-month high of $7.89 this week. At its highest level, the coin was up by over 88% from the lowest point in December. Other Polkadot parachains like Efinity and Enjin Coin also jumped on Thursday.
Latest Polkadot news
Polkadot has not made headlines in the past few months. The most important news in the ecosystem is the ongoing community vote on whether to approve a Wasm smart contract. This voting will run until February 27 and will be the most important in its ecosystem this quarter.
At the time of writing, the community vote shows that 690,326 DOT have voted in favor of the proposal. Just 6,463 DOTs have voted against it. However, the voting process shows the challenge that exists in decentralized ecosystems since the turnout has been negligible. According to its website, only 0.06% of DOT holders have taken part in the vote.
Read more: How to invest in Polkadot.
For context, Wasm smart contracts will help to encourage development in the ecosystem by creating an audited smart contract showcases. The goal is to make the network among more developers.
The other important Polkadot news relates to its on-chain metrics. Data compiled by TokenTerminal shows that the fees generated in Polkadot’s ecosystem has been relatively strong in the past few weeks. The network generated $10k in fees last week, a slight decline from the previous week’s $10.9k.
The number of active developers in Polkadot’s ecosystem has also remained stable as it remains sharply above where it was in December. As shown below, the number of code commits has also been significantly strong. This is a sign that there is still developer interest in the ecosystem even as the level of activity in its parachains has waned.
Polkadot price prediction
On the daily chart, we see that DOT price has been in a bullish trend after crashing to a multi-year low in 2022. During its climb, Polkadot has moved above several important resistance levels. For example, it recently flipped the resistance point at $7.42 into a level of support. This was an important level since it was the highest point in November last year.
Most recently, Polkadot price rose above the important resistance at $7.17. This was the highest point on February 7. It was also a point where it made a double-top pattern. The coin remains above the 50-period moving averages. Therefore, the overall outlook of Polkadot is neutral with a bullish bias. More upside will be confirmed if Polkadot manages to move above this week’s high of $7.90.
