Polkadot Falls from $1.16 to $1.05 as Support Weakens
Polkadot (DOT) has extended its decline. On October 17, it fell about 5% to $1.16–$1.18 after failing to hold a rally near $1.29, and it struggled to reclaim $1.20. By October 24, DOT had dropped a further 4% to about $1.05 after another brief rise to $1.20 failed. Traders are now watching $1.00–$1.02 as near-term support; a sustained break below could bring $0.95 and $0.90 into focus. A move back above $1.09–$1.11 may improve the short-term outlook, with resistance near $1.15 and $1.20. No single Polkadot-specific event has been identified as the cause. Broader crypto-market uncertainty and persistent selling appear to be weighing on DOT. The 2.1 billion DOT supply cap and declining issuance have not offset weak demand. Institutional access includes the 21Shares Polkadot ETF, while Grayscale withdrew a separate ETF registration. Traders will be watching whether buyers defend support and absorb selling pressure.
Bearish
The price impact for DOT is bearish. The move from roughly $1.16–$1.18 on October 17 to about $1.05 on October 24 shows continued selling and repeated failures to hold $1.20, a sign that near-term momentum remains weak. If DOT breaks and sustains below $1.00–$1.02, traders may look to $0.95 and $0.90 as subsequent levels, potentially increasing stop-loss selling. A recovery above $1.09–$1.11, followed by a reclaim of $1.15 or $1.20, would offer evidence of improving demand but is not yet established. Over the longer term, the 2.1 billion DOT supply cap and declining issuance may limit dilution, but these factors alone do not ensure price gains when demand is weak. The ETF developments provide institutional-access context, but the summaries identify no direct catalyst from them that has reversed the decline. Overall, the key signals are price action, support levels and whether buyers can absorb ongoing supply.