Decentralized storage solution provider attracting attention with an increase of over 35% in the past week filecoinhas demonstrated an impressive performance in the last 24 hours. The altcoin price increased by 16% to $7.31. In this context, the market value exceeded 3.74 billion dollars. With this increase, transaction volume for FIL increased by up to 200% to $990 million. This shows that strong investor interest in the altcoin has increased. This accelerated rise of Filecoin can be considered as an indicator of the demand for the project and the general interest in decentralized storage solutions.
Filecoin is Preparing for a 200% Rally
Famous crypto analyst Ali Martinez identified a notable trend in FIL’s trading patterns and identified its consolidation within a parallel channel on the three-day chart. cryptocurrency As the unit approaches the upper boundary of the channel, Martinez cautions investors to watch for potential resistance, currently located at $8.50.
Martinez underlines the importance of overcoming this resistance level. Additionally, he suggests that a successful breakthrough could result in a significant increase in Filecoin’s price. Predicting that Filecoin could triple its current value, Martinez states that this breakthrough could rise up to $25.5. This analysis can be considered a harbinger of a significant price movement for Filecoin investors.
Filecoin Foundation is active in developing decentralized data storage capabilities working. The foundation predicts that decentralized storage solutions such as Filecoin will expand in the coming years and that a suitable time will come when large amounts of data will be created.
While analysts are hopeful about the future of Filecoin solutions, some suggest that the FIL price could rise to $50 by the end of the year. In particular, Filecoin’s stored data volume experienced significant growth in 2023. The platform, with its expanding ecosystem and appeal across different user segments, witnessed an impressive 3.8x increase resulting in a total of 1,800 PiB (Pebibytes).
This significant increase in FIL’s stored data volume has received significant contributions not only from Web3 participants, but also from players outside of Web3. This indicates that Filecoin will grow further in the future with a large user base and increasing adoption.
Secure, scalable, unstoppable: that’s #Filecoin.
In 2023, Filecoin’s stored data volume skyrocketed by 3.8x, reaching a whopping 1,800 PiB with significant contributions from non-Web3 players.
How large do you think Filecoin’s data storage will be by the end of 2024? https://t.co/U0dBltgzR3
— Filecoin (@Filecoin) February 20, 2024
Koinfinans.com As we reported, one of the important developments in the FIL ecosystem is solana It is a collaboration with. Filecoin has recently announced its integration with Solana, taking an important step for the development of both platforms.
Solana is collaborating with Filecoin to increase accessibility to block history for infrastructure providers, explorers, indexers, and users needing historical data access. Additionally, FIL’s decentralized storage capabilities will support Solana’s data scalability and security measures, enabling efficient collaboration between the two ecosystems. This integration will contribute to the further spread of blockchain technology by providing broader transaction and data storage for both Filecoin and Solana users.
