The crypto market anticipates a bullish trend in the next few months, with the upcoming Bitcoin halving. During this period, several altcoins went on solid rallies. One such is MATIC, a Layer-2 Ethereum scaling token, which has observed a noteworthy increase in its price, surpassing the $0.80 threshold for the first time since July 2023.

Data suggest that accumulation activity has provided firm support to the bullish momentum.

  • The steady ascent of MATIC’s price, in tandem with other rallying altcoins this week, is attributed to users within the Polygon ecosystem actively accumulating the token.
  • MATIC holders seem to be steadily accumulating even as MATIC held on gains.
  • Santiment’s latest analysis reveals that key wallets holding 100K-10M MATIC have played a role in this surge by accumulating an additional 42.88 million MATIC tokens, equivalent to nearly $35 million since October 24.