Polkadot (DOT) has been making steady gains this week, with a 0.33% gain in the past 24 hours. This brings its value up to $5.77 and a 1.86% growth in the last week. It is now just shy of the crucial resistance level of $7, a mark it previously peaked at a monthly high of $6.9781. However, DOT has suffered greatly compared to its all-time high (ATH) of $55 before the bear market.

This slump of over 88% has presented the digital currency with a lot of potential room to grow. There are several triggers in the ecosystem that could help Polkadot's price soar. One of the most prominent of these triggers is the chain's recent partnership with Deloitte Switzerland. The partnership looks to use Deloitte's identity innovation to help enhance Polkadot's Know Your Customer (KYC) processes.

Not only is this sign indicative of the global recognition of Polkadot's decentralized applications, but it is also a major bullish trigger that can influence the appreciation of its DOT tokens. Alongside this, there are a number of governance votes in the system that could facilitate further upgrades.

Although it might not have overtaken Ethereum in terms of network usage yet, Polkadot is seeing the kind of growth that could help drive its token prices in the near future. Should it break and flip the crucial $7 resistance level, many investors will be eyeing the DOT token as a potentially lucrative investment.



Other News from Today