Polkadot has recently returned to the forefront of crypto market discussions, but the surge in attention isn't driven by price increases, but rather by concerns about its adoption progress, competitive pressures, and future growth potential. Discussions surrounding DOT remain active, though investor sentiment has clearly weakened.

Bullish sentiment has declined within a month.

Data shows that on May 18, the percentage of bullish comments on DOT was 6.39%; by June 18, this figure had dropped to 1.18%, significantly below the market greed threshold of 3.0, indicating that sentiment had fallen into the fear zone. Despite this, DOT remains one of the most discussed crypto assets recently.

The market's focus is on whether Polkadot's technological advantages, despite its high developer activity, can translate into user growth and price performance, a question that remains unanswered.

Spot net inflow still leans towards outflow

As of press time, DOT spot inflows totaled approximately $719,000, while outflows totaled approximately $787,000, resulting in a net outflow of approximately $68,000. Overall, the amount of tokens transferred into trading platforms was slightly less than the amount transferred out, indicating that there was no significant concentrated buying or selling in the market.

This data is closer to a wait-and-see attitude. Although continuous outflows can sometimes be seen as a weakening of selling pressure, the current gap between inflows and outflows is not large enough to indicate that funds are accumulating positions on a large scale.

The $0.916 support level is currently holding.

In terms of price, DOT is currently trading at around $0.966, having previously found support around $0.916, temporarily halting its recent decline. Buying has helped the price recover slightly from its June lows, but the resistance level of $1.044 has not yet been broken, and the overall structure remains under pressure.

Trend indicators also show that the bears still have the upper hand. In the DMI indicator, ADX is 32.70, indicating that the current trend is still relatively strong; -DI is 22.78, which is higher than +DI's 12.18, reflecting that the selling pressure has not yet significantly retreated.

The liquidation concentration zone is between $0.98 and $1.00.

The liquidation heatmap shows that there are significant liquidity clusters both above and below the current price. The stronger area is concentrated between $0.98 and $1.00, with another noticeable liquidity distribution around $1.008. These areas together form a short-term resistance zone.

There is significant liquidity concentrated around $0.94 and $0.93. If support weakens and selling pressure increases, prices may move towards these areas. Overall, the current liquidity structure is closer to equilibrium and has not yet given a clear directional signal.