Analyst attributes DOT rally to halving, spot ETF hopes, and technicals

Bitcoin investor and analyst Lark Davis attributed Polkadot's (DOT) surge of up to 41% yesterday to several factors, including an upcoming halving, potential spot ETF filings, and bullish technical patterns. Davis noted that Polkadot has a halving scheduled for March 14, which will reduce its annual issuance by more than 50% and transition the token to a deflationary model. He also pointed to the previously raised possibility of spot ETFs from institutions like Grayscale and 21Shares. On the technical front, Davis explained that DOT broke through its 20-day moving average and a resistance level near $1.4 on its daily chart. He added that support at the $1.23 level may have attracted trend-following buyers. Polkadot rose from $1.23 to a high of $1.74 yesterday. According to CoinMarketCap, the token is currently trading at $1.59, up 25.63% over the past 24 hours.