Filecoin Price Prediction – $10 FIL In Sight After Filecoin-Solana Integration

Filecoin is one of the top performers today among the large cap cryptocurrencies. In the last 24 hours, Filecoin is up by 19%.  As of 11:59 GMT+3, Filecoin was trading at $7.67. Volumes are on the rise too, up by 219% in the day to stand at $1.077 billion. 

The sudden surge in the value of Filecoin follows news that Filecoin and Solana had entered into a partnership. According to an announcement on the Filecoin X page, Solana aims to move away from centralized storage solutions and, in the process, enhance the blockchain’s scalability while also making it more reliable. 

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Solana’s integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5

— Filecoin (@Filecoin) February 16, 2024

The Filecoin announcement added that the collaboration indicates that blockchains can develop more robust systems that make things easier for developers and users. Given Solana’s rapid growth to become one of the best layer-1 solutions, investors have become super bullish on Filecoin, which shows in its rising trading volumes. 

Pyth Network Also Integrates FileCoin 

Interestingly, Solana is not the only cryptocurrency project that is choosing Filecoin. Towards the end last week, Filecoin announced that Pyth Network had launched on the Filecoin blockchain. 

The recent launch of Pyth Feeds on #Filecoin marks a significant milestone in developing the blockchain’s economy. 🌐

By delivering real-time market data to over 50 blockchains, @PythNetwork is empowering the growth of on-chain markets and accelerating the #FVM in 2024.… pic.twitter.com/JWbWxWw1kg

— Filecoin (@Filecoin) February 15, 2024

All this points to the growing importance of the Filecoin network to become the go-to chain for decentralized file storage solutions. Filecoin accounts for 99% of all data stored across decentralized protocols. This means the more decentralized storage solutions grow, as seen with major networks like Solana choosing Filecoin, the higher the potential for a value explosion in the value of FIL tokens. 

Even better is that, all these developments are coming at a time when Filecoin is trading way off its all-time highs. Filecoin has lagged most altcoins in the ongoing crypto market rally that has seen Bitcoin break the $50k resistance and keep surging higher. Therefore, FOMO around Filecoin’s latest developments could see FIL become one of the best altcoins to buy today. 

Filecoin’s rising upside momentum has much to do with news of the integration of Solana to the Filecoin blockchain. It’s a factor that enhanced the face of Filecoin as one of the best-decentralized storage solutions the crypto market offers. 

Filecoin Trading At Key Resistance But Rising Buying Volumes Signal A Breakout

Filecoin’s price is struggling at a key resistance level, an indicator that after a more than 24-hour rally, short term traders could be booking profits. 

Filecoin is currently struggling at the $7.667 resistance. If bulls sustain the momentum built over the last 24 hours and this resistance is broken, $10 FIL could be within reach in the day. 

On the other hand, if bulls fail to break the $7.667 resistance, two scenarios could play out. The first one is a possible period of consolidation between the $7.667 resistance, and $7.223, which is now a key support level. 

However, if the number of short sellers increases and Filecoin breaches the $7.223 support, then a correction could follow. In such a scenario, the $6.07 intra-day support level would come into focus.

Filecoin Price Prediction: All Indicators Point To A Breakout To $10

While Filecoin could consolidate or turn bearish in the day, the case for a bullish breakout is strongest. That’s because there is a lot of good news coming out of the Filecoin ecosystem. One of those likely to support Filecoin going to $10 or more is the  Solana integration. 

Solana is one of the largest platform blockchains in the market today, and there is already a lot of hype around it. This hype mainly comes from all the top performing meme coins that are launching on Solana daily. As such, the integration with Filecoin is an image boost for Filecoin, likely triggering FOMO. 

Also, the fact that all these big integrations with Filecoin are coming at a time when the market is strongly bullish is a big advantage. That’s because, retail money chasing maximum gains will likely see Filecoin as one of the best cryptos to buy now. 

This is already quite evident in the surging volumes of Filecoin, that are now up by more than 100%. If Bitcoin starts another rally with an eye on $60k, Filecoin will be one of the large-cap altcoins to watch. 

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