Polkadot (DOT) surged by 22% in the past 24 hours, reaching a monthly high of $1.74 and boosting its market capitalization to over $2.6 billion. This rally positions DOT as the 36th-largest cryptocurrency. The broader market recovery, with Bitcoin nearing $70,000 and Ethereum reclaiming $2,000, has contributed to DOT's price increase. Analysts suggest that Polkadot's upcoming halving, scheduled for March 14, which will reduce annual token issuance by 50%, is a key factor driving the bullish sentiment. Additionally, speculation about potential spot DOT ETFs from companies like Grayscale and 21Shares is fueling investor interest. These ETFs could simplify access to DOT, potentially increasing demand and price pressure. Technical factors also play a role, with DOT breaking above the daily 20 EMA and horizontal resistance at $1.40, attracting momentum buyers. However, the asset's Relative Strength Index (RSI) at 73 indicates it may be entering overbought territory, suggesting caution for traders.