With January marking a mixed start for cryptocurrency markets, traders eye several altcoins heading into February, packing developments that could translate into price volatility.
Horizen’s upcoming mainnet upgrade stands out following recent network enhancement delays. Injective also teased an undisclosed decentralized application going live soon.
Meanwhile, Radiant Capital, Beldex, and Skale all have their token improvements and proposals in the works for February that promise to elevate functionality. Here’s what you need to know about these five cryptocurrencies to watch in February.
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Horizen (ZEN)
Privacy-oriented network Horizen has a significant mainnet hard fork upgrade slated for February 7th. The code changes disable shielded transactions that previously enhanced user anonymity.
Though notable for users, analysts say the token’s recent chart trajectory remains decidedly bearish. Prices risk declining a further 30% absent a trendline breakout sparking a reversal.
Current price: $8.05
Radiant Capital (RDNT)
Incentive program Radiant Capital will airdrop rewards next month to liquidity providers helping secure platform operations. Locking up crypto assets for set periods earns participants bonus network tokens.
Near-term, analysts expect the launch could propel a rally back toward recent swing highs. But lower support may again give way to further downside without an improved risk appetite.
Current price: $0.2901
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Beldex (BNS)
Privacy-first cryptocurrency Beldex schedules its mainnet hard fork event in early February, promising a transition to a deflationary token supply model.
The code adjustments also implement a new burning mechanism to gradually reduce the circulating supply. However, bearish chart patterns still forecast potential declines even following the change.
Current price: $0.04372
SKALE (SKL)
Network supporters believe the SKALE blockchain’s zero-gas architecture, combined with profitable staking yields, provides a unique value proposition after the update goes live on February 1st.
Analysts anticipate the fee-less transactions as a potential catalyst to lift prices back toward the $.10 resistance level, assuming existing support around $.068 holds in the coming days.
Current price: $0.07581
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Injective (INJ)
With a pending mystery decentralized application launch that it alludes to on its social media channels, smart contract platform Injective keeps observers guessing.
The protocol’s native INJ token likely stands to react most explosively should the unspecified dApp manage to capture immediate user attention once details emerge.
Current price: $35.05
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With cryptocurrency dynamics difficult to predict and January’s market turbulence still fresh, traders approach February cautiously but opportunistically. Projects enhancing capabilities and use cases provide glimmers of value worth monitoring even amid such depressed valuations