Polkadot Plunges 11% to $2.02 on Heavy Selling Pressure

Polkadot (DOT) tumbled sharply on Monday, dropping to $2.02 as a technical breakdown accelerated on massive trading volume, breaching the psychological $2.00 level. The token fell from $2.27, marking an 11.4% single-session decline—one of the largest this year for DOT, according to CoinDesk Research’s technical analysis model.

Trading volume surged to 14.6 million tokens, 280% above the 24-hour average, as sellers overwhelmed buyers. The breakdown gained momentum during overnight trading, with DOT slipping through key support at $2.05 around midnight UTC.

Recovery attempts were repeatedly unsuccessful, with buyers unable to reclaim modest levels near $2.09 and $2.06. The relentless selling confirmed a shift to bearish momentum, according to the model.

Analysts note that the $2.00 mark now stands as the next major downside target, highlighting a critical psychological level for the token.

The wider cryptocurrency market also fell, with the CoinDesk 20 Index down 7.5% amid broad selling pressure.