• Ethereum is currently holding below an important resistance level.
• Solana and Polkadot await a bullish breakout. 
• Arbitrum’s price has dropped from a crucial level.

The altcoin market is showing signs of growth and bouncing back, with certain trends pointing to the possibility of a rally. 

While the broader market, including altcoins like Dogecoin and XRP, is gaining momentum, it’s not yet clear when a big altseason will occur. Historically, February has been a strong month for crypto, especially for Ethereum, and this year may follow the same pattern. 

Analyst Miles Deutscher has listed top altcoins for the February: 

Ethereum (ETH)

The analyst said that Ethereum remains a foundational asset for many portfolios. Even with its volatility, its large ecosystem, smart contract capabilities, and strong developer community make it a must-have for long-term exposure to the crypto space. 

Ethereum is currently trading below an important resistance of $3,350 and is down 4% in the last week. The price chart shows some interesting price action and it remains to be seen if ETH will soon rise above $3400.

Solana (SOL)

Solana has emerged as a fast and scalable alternative to Ethereum, offering low transaction fees and a rapidly growing ecosystem. 

While it has faced challenges like network downtimes, its technological improvements and growing adoption make it a strong candidate for long-term growth.

Solana is up over 22% in the last seven days. The coin is now looking to break through $294 and hit new all-time highs.

Polkadot (DOT)

Polkadot’s interoperability-focused approach sets it apart in the blockchain space, according to the analyst. Its tech-heavy foundation gives it a lot of potential in the medium to long term. 

While Polkadot has dropped by over 9% in the past week, it is expected to experience a strong bullish breakout, with a target of $11.65, the highest point reached on December 4.

Chainlink (LINK)

Chainlink leads the way in decentralized oracle solutions, providing real-world data to blockchains for use in smart contracts. As the bridge between off-chain and on-chain data, it’s a strong long-term play.

Chainlink’s price surged by 50% after January 15th, reaching as high as $27.14 before encountering resistance. The $32 level is now an important area to watch for LINK.

Avalanche (AVAX)

Avalanche is another high-speed blockchain that competes with Ethereum and Solana.  With a growing ecosystem and strong developer support, AVAX is one to watch for medium-term growth.

Avalanche’s price has fallen below the $48 resistance, showing signs of bearish pressure, and is down 8% this week. A move above $40 is being closely monitored 

Arbitrum (ARB)

As a layer-2 scaling solution for Ethereum, Arbitrum helps alleviate congestion on the Ethereum network by providing faster and cheaper transactions. With Ethereum’s high gas fees, Arbitrum stands out as a practical solution.

Arbitrum’s price dropped from $0.82 over the weekend to $0.67 on Monday, showing bearish movement. If it moves up, the next resistance to watch is $0.78.