The crypto market is expecting a bullish trend in the coming months and the Bitcoin halving is approaching. During this period, some altcoins entered strong rallies. One of them, MATIC, the Ethereum scaling token, observed a significant increase in its price, surpassing the $0.80 threshold for the first time since July 2023. 📈

According to the data, accumulation activity provided solid support to the bullish momentum. Due to the active accumulation of the token by users within the Polygon ecosystem, the steady rise in the price of MATIC and other rallying altcoins is attracting attention this week. 🚀

According to Santiment's latest analysis, key wallets holding 100K-10M MATIC have played a role in this increase, accumulating 42.88 million MATIC tokens since October 24, worth approximately $35 million.

Another factor pushing MATIC's price up is the increased activity on the asset's blockchain. MATIC transactions worth $100,000 or more reached 161, the highest level since July 2023. Increased whale activity and accumulation in wallet addresses may continue to play a significant role in the upward trend in MATIC's price.

The Polygon ecosystem is preparing for significant changes as part of the recently published Polygon 2.0 roadmap, and the migration of the MATIC token to POL is planned. The Ethereum scaling solution moved the POL token contract to the Ethereum network in October, setting the stage for its future replacement for MATIC and is expected to “power a broad ecosystem of zero-knowledge-based layer 2 chains.”