Bullish momentum has returned to the broader cryptocurrency market. Polkadot (DOT) was among notable gainers, testing a key supply zone near $1.60. Market data shows a significant shift, with long positions more than doubling shorts and open interest surging by $10 million. A positive funding rate and rising buyer dominance suggest traders are betting on higher prices, though a sustained breakout will depend on maintaining this pressure.
Bullish momentum returned to the larger crypto market over the last 24 hours, with Polkadot recording strong gains. At the time of writing, the crypto’s price was testing a key supply zone near $1.60, a level that could define its next move.
Market positioning has shifted in favor of bulls, as the number of long positions doubled the number of shorts. This imbalance hinted at growing confidence among traders and highlighted that participants may be betting on higher prices.
At the same time, Open Interest surged by $10 million. According to Coinglass, such a hike alongside price gains often means fresh capital entering the market.
Another key signal is the funding rate, which had turned slightly positive to just above equilibrium. Such a shift usually alludes to improving sentiment, meaning traders might be willing to pay a premium to hold long positions.
On the daily chart, the token’s price action seemed to be approaching a critical phase. The strong supply zone might act as the next price barrier for the market’s opportunistic bulls.
Momentum is already building, but continuation will depend on whether buyers maintain dominance. A successful break above this level could open the door to higher liquidity zones.
Put simply, the altcoin’s market structure has been turning constructive. Buyer dominance is rising, Open Interest is expanding and Polkadot’s funding sentiment also flipped positive.
