Top analyst Michael van de Poppe believes Polkadot is at a low point in its cycle, and AI could drive its growth. Despite recent price struggles, he anticipates AI technology to uplift Polkadot’s performance soon.
Market analyst suggests Polkadot may have reached its cycle low, hinting at potential growth fueled by AI. The protocol’s architecture is seen as a key factor in driving this anticipated growth.
Polkadot Sees Potential Reversal Amidst Bearish Sentiment
Market analyst Michael van de Poppe suggests that Polkadot may have hit its defined cycle low, a sentiment echoed by the current price of DOT. As of now, the digital asset is trading at $6.85, reflecting a 6% increase in the last 24 hours. This surge aims to recover from a 1.27% slump over the past week, although bearish sentiment still looms.
Over the last month, Polkadot’s valuation has plummeted by over 27%, leading DOT’s price to fluctuate between $9.73 and $5.81 before stabilizing at its current level.
$DOT is on a cycle low, while integrating many great features within the blockchain, also AI.
They have a multi-chain architecture ready for AI scalability.
The sharded multichain setup eliminates transaction bottlenecks and increases more efficient AI computations! pic.twitter.com/Pj3twMslOg
— Michaël van de Poppe (@CryptoMichNL) April 28, 2024
Van de Poppe highlights the introduction of various features on the Polkadot protocol, including the proposed JAM protocol, as potential catalysts for reversing DOT’s bearish movement in the long run. This upgrade aims to replace the existing Relay Chain with a more modular and minimalistic design.
Polkadot co-founder Gavin Wood recently hinted at the release of the Join-Accumulate Machine (JAM) Upgrade, while the platform also launched a runtime upgrade on the mainnet to alter the chain’s logic without necessitating a hard fork.
Polkadot: Pioneering AI Scalability in Multi-Chain Architecture
Market analyst van de Poppe emphasizes Polkadot’s potential to drive AI scalability through its multi-chain architecture. This comes at a time when numerous crypto projects are venturing into the AI sector, exemplified by BytePlus and Mysten Labs’ recent collaboration to integrate AI algorithms into blockchain protocols.
Polkadot’s entrance into this arena could see it competing alongside projects like Fetch.ai and SingularityNET. Van de Poppe highlights Polkadot’s sharded multichain setup as a solution to transaction bottlenecks, facilitating more efficient AI computations and positioning it as a contender in the evolving AI-driven crypto market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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