I think the attention of the whales is far from Polkadot right now or perhaps there is something they know that we don't know. The project is live and healthy with active team but the recovery process of these coin is one of the slowest I have seen. Even coins that were hardly dump after the last bullrun have recovered moderately and are waiting for another bullrun after the halving but this particular one is just sitting doing nothing.
The volume is there but no spike or whatsoever reason or are they silently buying so they can sell or maybe they expected some partnerships, this is unlike them but I believe in the long run, the project will do well. Maybe they might also do airdrop just like the way other projects has done but not ready yet.
First of all, Polkadot is a big project and still growing, it is not abandoned by investors so we can rest assured about the project's fate in 2024 & 2025. I think Polkadot is in the accumulation zone like most tokens in the market, only a few strong tokens such as SOL, AVAX, LINK have had a strong recovery, they are not the majority.
Layer-1 and Layer-2 projects are attracting cash flow, Solana has many new projects and attractive airdrops to attract users, Polkadot does not have any basis/reason to recover or grow. I also don't hear news about projects in the Polkadot ecosystem, even Kusama doesn't have many updates.
From an optimistic point of view: this is a good opportunity for investors to continue to accumulate more DOT before the uptrend occurs
