Can Polkadot catch up with ICP’s massive price surge

• Positive sentiment around DOT surged along with its price last month. 
• DOT was down by 5%, and market indicators looked bearish on the token.

If the recent market crash is to be ignored, several cryptos have been displaying commendable performances, including Polkadot [DOT] and Internet Computer [ICP].

In fact, the latest data revealed that both tokens managed to lift their values to triple digits from their minimum. However, DOT needs to push its price further up in order to catch up with ICP’s achievement.

Polkadot and Internet Computer displayed a bull show!

Over the last thirty days, ICP bulls showered profits on investors as its price rallied.

According to CoinMarketCap, ICP was up by more than 145% in the last 30 days. At the time of writing, ICP was trading at $12.95 with a market capitalization of over $5.8 billion.

Though Polkadot’s price increased, the degree of growth was not as great as that of ICP. DOT’s value surged by nearly 25% over the last month.

In fact, Tony, a popular crypto analyst, recently posted a tweet highlighting Polkadot and Internet Computer’s achievements.

As per the tweet, ICP and DOT’s prices surged by 400% and 150%, respectively, from their minimum, which looked optimistic for the tokens.

#Polkadot #DOT and #ICP I have been observing for some time that they are on a par, $ICP has gone up from its minimum 400% and $DOT 150% so now it has to be equalized with $ICP and so now $DOT has to go up 250% pic.twitter.com/VcxVD2gLh0

— Tony ₿itcoin⚡ (@Toni_Bitcoin) January 4, 2024

Since both token prices increased last month, AMBCrypto took a look at their social metrics.

Our analysis found that while DOT’s value shot up, its weighted sentiment also increased, meaning that bullish sentiment around the token was high.

However, that was not the case with ICP, as its weighted sentiment remained on the negative side the majority of the time last month.

Source: Santiment

Polkadot to also grow by 400%?

Though both tokens registered triple-digit growth since their minimum, DOT still needs to pump its price by another 250% in order to be on par with ICP.

Therefore, AMBCrypto had a closer look at DOT’s state to see whether that outcome is possible in the near future. In the last 24 hours alone, Polkadot was down by more than 5%, thanks to the bearish market condition.

At the time of writing, it was trading at $7.30 with a market cap of over $9.5 billion.

Our look at DOT’s daily chart revealed that its MACD turned bearish. Additionally, its Relative Strength Index (RSI) also registered a downtick, increasing the chances of a continued downtrend.

Source: TradingView

Read Polkadot’s [DOT] Price Prediction 2023-24

Nonetheless, Polkadot’s derivatives market metrics looked bullish. For example, while the token’s price dropped, its open interest also plummeted.

A drop in the metric usually suggests a trend reversal. Its Binance funding rate also declined, meaning that derivatives investors were not buying DOT at its lower price.

Source: Santiment