Polkadot (DOT) is currently trading at $2.08, reflecting a significant 7.71% decline over the past 24 hours. The price has fluctuated between $2.02 and $2.25 in this period, indicating a relatively tight daily range of 0.23%.

The trading volume stands at approximately $255.6 million, which corresponds to 7.5% of its market cap, suggesting moderate liquidity. The hourly moving averages show a mixed trend; the 8 SMA and 13 SMA are slightly bullish at $2.04 and $2.05, respectively, while the longer-term SMAs (21 SMA at $2.09, 55 SMA at $2.18, and 144 SMA at $2.14) indicate bearish momentum, reflecting a broader downtrend.

In terms of relative strength, the 1-hour RSI is positioned at 57, indicating slight bullish momentum, while the 7-day RSI at 49 suggests a neutral stance. The price has seen a decline of 9.41% over the past week and a more substantial drop of 32.81% over the last 30 days, highlighting significant bearish pressure.

Considering the all-time high of $54.98, the current price presents a considerable downside from its peak. The technical indicators, combined with the negative price changes, suggest that DOT is under selling pressure and may continue to face headwinds.

Given the current technical landscape and price action, the recommendation is to Hold. This strategy allows for potential recovery if bullish signals emerge, while also limiting losses in the event of further declines.