Crypto Watchlist: 3 Altcoins Gaining Momentum in Late February

Key Takeaways

• Polkadot eyes breakout above $5.20 to confirm uptrend
• Cardano tests resistance at $0.80 with bullish breakout potential
• Solana is forming a bullish wedge, targeting the $200 resistance level

Polkadot, Cardano, and Solana are making key advancements in their ecosystems. Polkadot’s 2.0 upgrade aims to improve scalability, while Cardano enhances staking and scaling solutions.

Solana continues to strengthen its community through grassroots initiatives. On the price front, all three are testing critical resistance levels that could determine their next major moves.

Polkadot (DOT)

Polkadot is pushing forward with its Polkadot 2.0 initiative, a major upgrade to improve the network’s scalability and interoperability.

This shift is expected to refine the parachain model, making it more efficient for projects building within the Polkadot ecosystem. 

Additionally, governance changes are being made to streamline decision-making and improve network sustainability.

These structural updates could attract new projects and partnerships, reinforcing Polkadot’s position as a major player in the blockchain space.

As the community anticipates more details on the rollout, DOT remains in the spotlight for its long-term vision of a seamlessly connected multi-chain future.

Polkadot has followed a clear five-wave advance, peaking near $11, before entering a downward corrective channel.

The price is currently attempting to confirm a breakout from this descending structure. 

Although it successfully broke the descending resistance at $5.20, it was kept below a horizontal one.

Should it manage to do so, it will likely confirm a new bull phase, leading a recovery to the $7.30 area, where the 0.5 Fibonacci level is. 

Cardano (ADA)

Cardano continues solidifying its standing in the industry, and staking becomes an increasingly attractive feature for ADA holders.

Recently, Kraken reintroduced staking services in the U.S., with ADA among the supported assets. This move enhances accessibility for investors looking to earn passive rewards, which could contribute to sustained interest in the network. 

Meanwhile, Cardano is advancing its Hydra layer-2 scaling solution, designed to boost transaction speeds and efficiency, making the blockchain more adaptable to real-world applications.

As decentralized governance and smart contract adoption grow, Cardano positions itself as a serious competitor to Ethereum and other smart contract platforms.

Cardano’s price structure indicates a completed five-wave uptrend followed by a corrective ABC pattern, with wave C forming a descending wedge.

The price is testing descending resistance, with a potential breakout underway. If ADA breaks above $0.80, the next upside targets are $1.32 (0.382 Fib level) and $1.66 (0.5 Fib level). 

Solana (SOL)

Solana continues to support grassroots initiatives through its “Solana Allstars” meetups .

These community-driven gatherings occur regularly in various cities worldwide, providing local developers and users opportunities to connect, share knowledge, and collaborate on projects. 

For instance, upcoming meetups are scheduled for Feb. 21, 2025, in Ankara, Turkey, and Feb. 26, 2025, in Madrid, Spain.

These events reflect Solana’s commitment to nurturing a vibrant, decentralized community by facilitating in-person interactions and knowledge exchange. 

Solana has been in a corrective phase after completing a five-wave impulsive move, as indicated by the Elliott Wave count on the chart.

The price formed a descending wedge pattern, typically a bullish reversal structure, with the final wave E reaching key support near $160-$170. 

The RSI shows a bullish divergence, signaling the potential for an upward breakout. If SOL breaks above the $190-$200 resistance, the next key levels to watch are $205 (0.5 Fibonacci retracement) and $225 (0.382 Fib level).

Failure to hold support could push SOL lower toward $157 (0.786 Fib level).