Polkadot, as one of the Layer-1 networks, was trading at $4.30 on Friday, November 8. This shows that after four consecutive days the price has increased by 18% and is approaching a bull market, having recovered from the yearly low.

Crypto analysts are bullish on Polkadot, however, the network’s key indicators remain weak. This increase in Polkadot price is considered to be a result of the falling wedge (oblique triangle) formation, which has been shaped especially since August 1.

Globe of Crypto, a crypto analyst, predicted in a post on X that Polkadot’s price could rise to between $9 and $10 if this bull breakout occurs. In this case, the price of the DOT token could more than double and investors could make a huge profit.

An important catalyst that could trigger a price increase for Polkadot is the strengthening of the network’s integration with other major blockchain networks such as Ethereum, Optimism, Arbitrum, Base and Binance Smart Chain.

This integration is made possible by Hyperbridge technology. In this way, users can make transactions without the need for interconnections or intermediary institutions when moving their assets between these networks. This development could provide a positive outlook for Polkadot, attracting more investors and supporting the price increase.

Additionally, there are some signs that open interest for Polkadot is increasing in the futures market. DOT’s open interest reached $269 million, its highest level since June 17.

Open positions, which dropped to $179 million in September, are now showing a strong recovery. This shows that investors have increased confidence in Polkadot and they expect the price to rise further.

However, Polkadot’s biggest challenge is that it still has not attracted enough interest among developers and projects. Ecosystem growth has been surpassed by other newer networks, such as Base and Sui.

Examining the daily chart, it is observed that the DOT price has been trading in a narrow range for the last few months. During this period, it continued to remain below the 50-day and 100-day moving averages.

However, the falling wedge formation has started to clearly form recently. This creates an opportunity for the price to move upwards soon. In particular, the upward turn of the Relative Strength Index (RSI) and Stochastic oscillators is considered a harbinger of a bullish breakout.

If this bullish move occurs, Polkadot price could rise to $7.77, which is the highest price level since May and an important 50% Fibonacci Retracement point. In this case, the Polkadot token could increase by 76.50% from current levels.

However, this positive view could be invalidated if Polkadot’s price falls below this month’s low of $3.66. Therefore, the future of Polkadot remains uncertain for investors, but technical indicators provide a strong basis for a bullish breakout.