Polygon (MATIC) price rose on Thursday morning, reaching highs of $0.84 on major crypto exchanges. The token’s 6% price jump in the past 24 hours marks a four-month high, and its market cap has increased to $7.6 billion over the last three weeks.

What has caused the rise in Polygon’s price? Cryptocurrencies have hit $1.4 trillion in global market cap and 24-hour trading volume of $77 billion, while Bitcoin (BTC) price has climbed above $36,800. Analysts are optimistic regarding the flagship crypto, with catalysts such as the spot Bitcoin ETF approval and BTC block reward halving in 2024.

In addition, Polygon whales have been accumulating MATIC tokens since October 24, according to Santiment. 161 transactions valued at over $100,000 in one day show the appetite of the large holders. This has coincided with the price of MATIC picking up upside momentum.

If bulls lock onto the next target at $1.00, there is a possibility that MATIC/USD could rally to the year-to-date highs of $1.54 reached in February. The token’s all-time high of $2.92 was achieved in December 2021.