This performance has analysts and important crypto actors predicting a potential bullish run around the corner for the decentralized storage network’s native token.
Should Filecoin Investors Get Ready For A Bull Run?
Pseudonym analyst and trader Crypto Breakout that FIL broke through a crucial resistance in the 3-day timeframe, signaling that the “bulls return with force.” The chart shared by the analyst illustrates a downtrend pattern in FIL’s price since 2022.FIL's downtrend pattern since 2022. Source: Crypto Breakout on CoinMarketCapSince 2023, the price has remained well below this level, only breaking through the $8 support zone once at the very beginning of 2024. Throughout January, FIL’s price had a turbulent performance, falling around 40%.
Artur Hayes Predicts $100 As FIL Continues To Rise
After the token’s recent surge, BitMEX co-founder Arthur Hayes shared his FIL prediction. On an X (former Twitter) post, Hayes forecasted that FIL’s price would rally to $100, also calling the arrival of the bull market.
Welcome to the bull market. May all things AI related levitate. = $100 Yachtzee 😘😘😘😘 — Arthur Hayes (@CryptoHayes)
Filecoin, a decentralized storage network, recently integrated with Ethereum’s rival Solana to make its blockchain history more accessible and usable. According to the announcement, the integration is a significant move away from centralized storage solutions, which seek to improve reliability and scalability in the Solana blockchain.
This move has considerably fueled the ongoing upward momentum for FIL. The token has shown a considerable performance in recent weeks, with FIL increasing 53.9% in the last two weeks and 67.7% in 30 days.The token trades at $8.19 at writing time, representing a 9.6% surge in 24 hours and 39.0% in the last seven days. FIL is currently the 25th largest cryptocurrency by market capitalization, at $4.2 billion, a 12.38% increase from yesterday. Its trading activity also saw a recent rise, with its daily trading volume at $895.2 million, 44% more than the day before.
FIL performance in the 1-day chart. Source: FILUSDT on