The cryptocurrency market is closing out February with impressive gains. Bitcoin‘s value surged by nearly $17,000 within the month, beginning in the $40,000 range. While this upswing has not significantly impacted most alternative cryptocurrencies (altcoins), there is an anticipation that altcoin rallies could soon follow suit.
Cardano’s Battle with Resistance
Cardano’s native token, ADA, has been climbing since early December, but has struggled to break through the resistance corridor between $0.58 and $0.63. The price recently retreated to the $0.46 level, but bulls are determined to overcome this obstacle, marking their eighth attempt on the daily chart. A successful breach could catapult the price toward $0.9 and then possibly to $1.23, while failure might lead to a slide back to $0.58 or even $0.53, with $0.46 as the support floor.
Solana Strives for Stability
Solana (SOL) has shown signs of recovery, avoiding a retest of the $96 low point. However, its upwards momentum from December seems to be losing steam, with resistance forming around $112. This could signal a period of price stabilization. If SOL can close above $111 and $118, it may set out towards a $135 target, but a dip back to $100 is on the horizon if Bitcoin’s price falters.
Chiliz Breaks Through Key Resistance
Chiliz (CHZ) Coin has seen its price move in a parallel channel since June of last year, but recently made a significant move in mid-January with weekly closes above this channel. The price has now not only hit but also eclipsed the anticipated $0.14 mark. For further gains, CHZ Coin needs to secure closes above $0.145, eyeing subsequent targets of $0.173 and $0.2, especially as sports league finals and cup matches loom, potentially driving fan token activity.