- Parallel, Acala, and Moonbeam were the top three Polkadot parachains in terms of TVL.
- DOT’s price action was bearish, but some indicators pointed to a trend reversal.
In about a week, Dot [DOT] will introduce its top five most influential parachains. Prior to the announcement, the blockchain also revealed the top parachains according to LunarCrush over the past seven days.
Read Polka dots [DOT] Price prediction 2023-24
In addition, DOT also became the third blockchain with the highest movement in AltRank, which is widely considered a bullish signal.
A look at DeFi from Polkadot
Polkadot Insider, a popular X account (formerly Twitter), posted a tweet revealing the most influential parachains of the past seven days. The list included chains such as Moonbeam, Parallel Finance, Bifrost Finance, T3rn and Litentry.
TOP 5 INFLUENTIAL PARACHAINS AT POLKADOT IN 7 DAYS
🚀 The countdown begins! In just 7 days we will unveil the “Top 5 Influential Parachains on Polkadot” – the game-changers of the blockchain universe! 🌐🪂
👀Curious about which projects the future of… pic.twitter.com/BqHKNMFdOG
— Polkadot Insider (@PolkadotInsider) October 15, 2023
According to DeFiLlama data, Parallel Finance has the largest stake in TVL with over $134 million, accounting for over 34% of parachains. Moonbeam, the most influential parachain on Polkadot, had a TVL of over $51 million, making it the third largest parachain.
It was interesting to note that Acala Network, which did not make the list shared by Polkadot Insider, was the second largest parachain as its TVL was over $116 million.
Source: DeFiLlama
As parachains continued to grow, Polkadot’s performance in the DeFi space declined. This was reflected in the decline in TVL since the beginning of the third quarter of 2023. At the time of writing, Polkadot’s TVL amounted to $79,686.
DOT turns bullish?
While this was happening, Polkadot was ranked third on AltRank’s blockchain list for the past 24 hours. This development could benefit DOT’s price, which has suffered the consequences.
RANKING OF TOP BLOCKCHAINS BY ALTRANK CHANGES IN 24 HOURS
According to data from @LunarCrush in the last 24 hours we got the top3⃣ call:
🥇 @solana
🥈 @hedera
🥉 @PolakdotCheck out other names in our image below 👇#Dot #POINT pic.twitter.com/f9SRuou27r
— Polkadot Insider (@PolkadotInsider) October 15, 2023
From CoinMarketCap, DOT is down more than 6% in the last seven days. At the time of writing, it was trading at $3.76 with a market cap of over $4.6 billion.
However, AltRank’s improvement failed to change market sentiment around DOT. According to MoonCrushBearish sentiment around DOT has skyrocketed 300% in the last 24 hours.
Is your portfolio green? look at the DOT profit calculator
Take a look at POINT‘s daily chart sheds light on what to expect from the token. Although market sentiment was negative, DOT’s MACD showed the possibility of a bullish crossover.
Additionally, Polkadot’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) both recorded increases, which could play a major role in boosting the token’s price in the coming days.
Source: TradingView
