- Filecoin (FIL) is showing signs of a new bull run, with its price surging over 200% since October to approximately $9.32.
- Analysts predict FIL’s price could surpass $100 in the long term, based on technical analysis indicating a bullish trend characterized by higher highs and higher lows.
- Filecoin’s decentralized storage platform, launched in 2017, has gained credibility and popularity, with its unique incentivization model.
Filecoin (FIL), the utility-based altcoin, is signaling the onset of a fresh bull run. After establishing a robust bear market support level around $3 last year, FIL has gained more than 200 percent since October, trading at approximately $9.32 on Friday during the early London session.
With a fully diluted valuation of about $18.4 billion and a daily average trading volume of approximately $253 million, Filecoin has attracted significant investment and integrations in recent months. This growing interest in the decentralized storage platform has led many analysts and investors to believe that FIL’s price will reach a new multi-year high in the coming months.
Analyst Predicts Long-Term Target for Filecoin Price
Based on a price technical analysis conducted by Captain Faibik, a well-known crypto analyst, the mid-cap altcoin is anticipated to potentially surpass the $100 mark in the foreseeable future. While this target is still below Filecoin’s all-time high (ATH) of around $236, it coincides with the same level at which Bitcoin’s price consolidated before rallying beyond its 2021 ATH.
The analyst’s prediction is based on the observation that FIL’s price against the US dollar in the weekly time frame has been forming a rising trend, characterized by higher highs and higher lows. This bullish pattern suggests that Filecoin’s price has the potential to continue its upward trajectory, potentially reaching new milestones in the process.
The Filecoin network has established itself as a reputable decentralized storage system since its launch in 2017. The project’s team raised over $200 million through its initial coin offering (ICO) in 2017, which has been instrumental in developing and expanding the network’s capabilities.
As the Web3 ecosystem continues to grow exponentially worldwide, the demand for decentralized and secure storage solutions is becoming increasingly evident. Filecoin’s network is well-positioned to meet this growing need by providing reliable, affordable, and secure decentralized storage options.
The platform’s unique approach to incentivizing users to contribute their unused storage space has created a robust and scalable network that can cater to the ever-increasing data storage requirements of the web3 era. As more developers and users recognize the benefits of decentralized storage, Filecoin’s adoption is expected to rise, potentially driving up the value of its native token, FIL.
