After setting a possible date for the Parachine auctions, the Polkadot token jumped to $40 for the first time in five months.
The November 11 auctions will bring the multi-interoperable blockchain network one step closer to going live for the first time.
Polkadot parachains can share data and connect to other blockchain networks such as Ethereum, potentially enabling new services such as DeFi and NFTs.
Five years after creating the idea and going live, Polkadot says his network is now ready to deploy parachains. Parachains is the final stage in the development path of the Polkadot Network, according to the project white paper.
DOT has increased by 48% in the past two weeks and is now only 16% away from its all-time high of $49.39 set on May 15. At the time of writing, DOT is trading at $40.44 which is up 15.4%.
Polkadot price Walking about $100
According to Binance data, the price of Dot surged 19 percent to a high of $43.56 on Wednesday after the auction was announced. At the time of our last check on Thursday, it was trading at $40.76. The currency is down 2.93 percent at 40.42 at the time of writing.
This is also a symptom of a decline, as the price has fallen to $41 in the past four hours. The recent rally was very strong, as the price broke the $42 barrier. If the DOT advance continues, the altcoin may test the upper resistance levels at $42 and $44, respectively.
On the other hand, if the DOT fails to sustain the recent significant rallies, it may be on the cusp of a correction. DOT will have to test the lower support levels at $38 and $36 as a result of the decline.
Michael Van Bob, a well-known trader and expert, recently tweeted that Polkadot could hit $100.
