DOT USD Ready For A +600% Rally To $23? Polkadot ETF Delays

September 8, 2025 Adam Forsyth

Polkadot crypto might be out of the top 30, slipping below Toncoin (TON crypto) and Cronos (CRO) in the market cap ranking. However, this does not mean DOT USD is not being watched. DOT USD is firm at spot rates, and the candlestick arrangement suggests that the Polkadot price is primed for major gains that could propel it to new H2 2025 highs in the coming sessions.

Coingecko data shows that Polkadot crypto has been stable in the past day and week, adding roughly +5%. At this pace, DOT USD is shaking off the weakness seen from mid-August 2025, finding a solid footing for possible gains.

Still, DOT crypto has not completely reversed losses of the past year, and is down nearly -3%. However, looking at DOT/USDT from a top-down preview, Polkadot bulls need to step up, ideally forcing the DOT price above $5 and Q2 2025 highs for a chance of buy trend continuation.

(Source: Coingecko)

On Coinglass, sentiment is shifting for the better. Most traders are bullish, looking at the long/short ratio on Binance and OKX. On Binance, the top trader long/short ratio is 3.9, while on OKX, it is 2. This metric suggests that traders across major exchanges are positioning for a possible breakout. In the short term, a close above $5 will be massive and set a solid ground for a leg up that would define price action in H2 2025.

(Source: Coinglass)

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Will DOT USD Soar 600% To $23? Analyst Bullish

From the daily chart, the possibility of DOT ▲2.09% surging cannot be discounted.

The Polkadot price is still confined within the July 2025 range. Despite the cool-off in August, prices are still inside this bullish range, forming a flag.

Polkadot

Price

Market Cap

DOT

$6.49B

24h7d30d1yAll time

As it is, the local support is at $3.5 and $4, while the resistance is at $4 and $4.5. If Polkadot crypto buyers flow back, a high-volume close could see DOT crypto fly above $5 to as high as $5.5. In this way, DOT USD could outperform even some of the top Solana meme coins.

On X, however, one analyst is bullish. He’s convinced Polkadot crypto is preparing for massive gains to lift it towards $23.

(Source: CCatalyst_2, X)

In the post, the analyst notes that DOT USD has found a firm footing above $3.5. Moreover, since prices are consolidating, there is a high probability of DOT crypto breaking above the descending wedge, lifting the coin to as high as $23.8, a +600% rally.

Usually, a breakout above the wedge, a bull flag, is a solid signal that buyers have retaken control. In the DOT USD case, there is a chance that if the DOT price breaks above the current chop and wedge, bulls will easily reclaim July and August highs, qualifying it as the next crypto to explode.

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United States SEC Delays Spot Polkadot ETF Application

The confidence among DOT crypto traders comes days after the United States SEC postponed its decision on the application made by Grayscale for a spot Polkadot ETF.

In their response, the SEC extended the review period by another 60 days to November 8.

Polkadot ETF Update: The SEC has delayed its decision on Grayscale's @Polkadot ETF again.

Final deadline: November 8#Polkadot $DOT pic.twitter.com/PMMU8BuulK

— Polkadot.ERI (Polkadot Ecology Research Institute) (@Polkadot_ERI) September 7, 2025

Grayscale proposes creating a Polkadot Trust that provides institutions and retailers with access to DOT in a regulated environment. Unlike the spot Ethereum ETF, the application retains staking capabilities. As such, investors will have a chance to earn DOT rewards from their holdings.

As of September 2025, the United States SEC has approved only two spot crypto ETFs. Notably, BlackRock, one of the world’s largest asset managers, is involved in these two products. BlackRock has previously stated that it “will be a while” before issuing any additional spot ETFs related to altcoins, including Polkadot and XRP.

It remains to be seen whether the United States SEC will approve another spot crypto ETF to add to its list. However, the agency generally expects to approve a spot Solana ETF.