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DOT DOT suffered a sharp correction of 9% after a strong rebound of 35%, triggering a massive long liquidation
Polkadot (token symbol: DOT) has experienced a rapid 9% decline in recent days, erasing some of last week's strong gains. As sellers suddenly took over the market, prices fell significantly. However, the latest market data reveals a more complex situation: exchange capital flows have turned into net outflows, while the structure of positions in the derivatives market has begun to improve. The divergence has caused traders to pay close attention to signs of a rebound.
The core question remains simple and clear: Has DOT lost market demand, or has it just completed a leverage cleanup before a new round of market launches?
Funding rate signal hints at potential shifts
Boca's funding rate has been declining since September 10. As selling pressure increased, the indicator once entered negative territory. As of September 11, the funding rate fell to-0.0033%. This reading suggests an increasing proportion of leveraged traders are taking short positions. As DOT prices fell, short traders appeared increasingly confident. However, this trend subsequently reversed in the derivatives market.
Currently, the funding rate has been positive and has reached 0.0037%. Positive funding rates mean long traders pay fees to short traders. The change suggests that bullish positions are back on track after a sharp decline.
Although price movements have not yet fully confirmed this shift, liquidation data still shows that leveraged buyers are under significant pressure. In the last 24 hours, the long liquidation amount reached US$892,620, while the short liquidation amount was only US$53,930 during the same period. The huge gap highlights the damage caused by the recent sell-off. As DOT prices fell, a large number of leveraged buyers were forced to close their positions and withdraw. Still, a return to positive funding rates could provide room for further price increases. Traders may interpret the change as a sign of renewed confidence around current prices. However, before concluding that a continued reversal has occurred, we still need to wait for clear confirmation of the price.
Will DOT fall to near $1.01?
Liquidation heat map data still shows significant downside risks. A three-day heat map shows an unfilled liquidity pool at approximately $1.01 below the current trading area. If the price moves towards $1.01, additional clearing may be triggered. However, it should be pointed out that clearing clusters are not equivalent to definite purchase orders, they only represent estimated clearing clusters.
In addition, DOT also has a larger liquidity cluster above current prices. These areas could attract price increases if buyers regain control. Therefore, the possibility of a rebound depends on the synergy of multiple factors. DOT needs to hold on to lower liquidity areas and regain upward momentum. If demand strengthens, positive funding rates could support this recovery; continued net outflows from exchanges could also reduce selling pressure in the market.
Currently, DOT is in the middle of a game between bullish positions and bearish price movements. The next decisive trend will reveal which side dominates. If a recovery is achieved, the recent decline can be seen as a leverage reset; but if there is another wave of liquidations, it may expose deeper weakness near $1.01. Therefore, traders should closely monitor funding rates, exchange capital flows and liquidation levels, which may provide early clues to the next major move for DOT.
