Polkadot price surges to new all-time high after parachain registration motion approved

Polkadot price reached a new all-time high of $51.49 on bullish sentiment as the blockchain recently revealed another positive development for the network. Following the announcement of parachains announced on October 13, the demand for DOT increased. 

Polkadot council approves parachain motion

The Polkadot team revealed that the motion to enable parachain registration and crowdloans has passed the Polkadot’s council and will be moving forward to a public referendum. 

The proposal would allow developers to register parachains and seek funding for projects. This latest development comes less than a month after the blockchain announced that its parachains are ready to launch, setting the date for November 11. 

The first batch of parachain auctions would last five weeks, with one auction held per week. Parachains are not new, as they were already deployed on Polkadot’s canary network Kusama since June 2021.

Projects on the Kusama network required developers to use KSM to secure slots. However, with the recent motion going through by the Polkadot council, developers can use DOT going forward instead.

The final stage for the proposal would require an approval from a public referendum. If the motion passes, parachain teams would be able to register their parachains and open a crowdloan on November 4. 

Polkadot price skyrocketed to a new all-time high following the announcement, gaining over 20% on November 1. 

Polkadot price prepares ascent toward $80

Polkadot price appears to have formed an ascending parallel channel on the daily chart, as DOT continues trending higher. 

The next target for DOT is at the middle boundary of the prevailing chart pattern at $55.59, then at the 127.2% Fibonacci extension level at $62.75. The topside trend line of the parallel channel suggests that Polkadot price could eventually hit $80.39, if the altcoin sees a substantial increase in buy orders.

The first line of defense for Polkadot price is at the 78.6% Fibonacci retracement level at $42.55, which sits near the 21-day Simple Moving Average (SMA). 

DOT/USDT daily chart

If DOT retraces and sees a spike in selling pressure, the token may drop toward the lower boundary of the governing technical pattern at $39.94, before falling lower toward the 50-day SMA at $36.71, then toward the 61.8% Fibonacci retracement level at $35.79.