Decentralized storage platform filecoin ‘s token, FIL, gained 16% in value in the last 24 hours and rose to $ 5.5. Amid the current rally, FIL has increased its weekly gains by more than 32% and its monthly gains by close to 70%.
Trader Naemrr explains that the Filecoin price rally may continue further after the recent technical breakout. In our weekly Fibonacci analysis, FIL token recently surpassed the gold pocket level.
A vital Fibonacci retracement zone, the gold pocket signifies a significant shift in price action. Although this is an encouraging indicator, caution is warranted as we foresee the possibility of significant price increases beyond this level.
It is very likely that this Filecoin price rally will continue up to $10 in the future. Another important reason supporting this FIL price movement is the launch of decentralized exchange (DEX) Sushi on the FIL blockchain.
Filecoin, the world’s largest decentralized storage network, has reached a milestone by integrating Sushi, a leading decentralized exchange (DEX). This marks the first instance of a DEX operating on the FIL network.
The integration includes the introduction of Sushi’s version 2 and version 3 automatic market makers (AMMs), which feature concentrated liquidity pools on Filecoin. This development enables direct trading and liquidity provision. Additionally, Sushi’s cross-chain swap feature, SushiXSwap, facilitates seamless token swaps between over 30 other networks, streamlining the user experience without the need for bridging or native tokens.
The partnership between Sushi and Filecoin not only strengthens Sushi’s position in the multi-chain and cross-chain space, but also encourages users and developers to explore the decentralized storage capabilities of the network. Laconic.com played a crucial role by providing the necessary subgraph directory hosting services to make this collaboration possible.