Polkadot's price action has been experiencing a period of consolidation over the past month, but a recent surge of 4% daily suggests a potential turnaround. Technical analysis reveals a bullish breakout above the 200-day moving average, currently at $7.5, could be on the horizon.

The daily chart shows Polkadot's price hovering below the 200-day moving average, but approaching it once again. With the $6 support level holding strong, a bullish breakout seems more likely than a bearish continuation. This could lead to a short-term climb toward $9.

The 4-hour chart reveals a gradual rise within an ascending channel. Following a rebound from the lower boundary, Polkadot tested the channel's midline. A breakout could lead to a rally toward the higher boundary and the $8 price mark. However, investors should be cautious of the Relative Strength Index entering the overbought region, as a short-term correction is also possible.

Analysis of the futures market indicates a potential target above the recent high of $7.5, with a considerable amount of liquidity residing in this area. A short-liquidation cascade could push the price toward the $9 region if the market clears this area.

Remember, this analysis is for informational purposes only, and investors should conduct their own research before making any investment decisions.