Filecoin Price Jumps 15% Amid New Partnerships, FIL Rally to $20 Expected

FIL, the native cryptocurrency of decentralized storage platform Filecoin, is witnessing a strong rally with 15% gains in the last 24 hours. At press time, the Filecoin (FIL) price is trading at $11.20 with a market cap of $6.1 billion. Furthermore, the daily trading volumes have surged a staggering 123% to $1.126 billion.

What’s Behind the Filecoin Price Rally?

The recent surge in Filecoin (FIL) price is linked to its integration by BVMnetwork, alongside LighthouseWeb3, enhancing Bitcoin Layer 2 solutions’ security and scalability. Filecoin’s decentralized storage optimizes transaction record archiving, aiding Bitcoin developers via LighthouseWeb3 Node Aggregators. This boosts Bitcoin Layer 2 solutions and increases demand for the FIL token.

🌐 @filecoin is now available on @BVMnetwork as a storage layer via @LighthouseWeb3!

This is a massive upgrade for the #Bitcoin L2s powered by BVM & Filecoin with heightened security and scalability 🔥

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By leveraging Filecoin’s decentralized storage capabilities, BVM has the… pic.twitter.com/N0k8ZnOrmm

— Bitcoin Virtual Machine (@BVMnetwork) March 8, 2024

Daniel Cheung, co-founder of Syncracy Capital, has drawn parallels between Filecoin ($FIL) and Solana ($SOL) at a price level of $20, citing a significant gap between market perception and reality, which could lead to a substantial re-rate.

Cheung outlines several factors contributing to this disparity:

1. Filecoin’s Versatility: Contrary to common belief, Filecoin is not solely a storage blockchain. Cheung asserts that the platform encompasses a wide range of applications beyond storage, including compute and retrieval functionalities. He positions Filecoin as a strong contender in the artificial intelligence (AI) narrative, emphasizing its extensive network of data centers.
2. Emergence of Filecoin Ecosystem: Following the launch of Filecoin EVM (Ethereum Virtual Machine) in the past year, Cheung notes a pivotal moment for the ecosystem. Filecoin has transitioned into an emerging smart contract platform, with numerous projects preparing to launch tokens, such as Glif, and Filecoin subnets like Fluence gradually rolling out.
3. Misconceptions About Total Supply: Cheung highlights a prevalent misconception among investors regarding Filecoin’s total supply. Despite concerns, he indicates that over 40% of the total supply is unlikely to be utilized, which could influence investor sentiment once understood.

FIL Price Target Ahead

The FILUSDT pair has recently witnessed an unprecedented surge in trading volume on the weekly timeframe, reaching all-time highs. Analyst Alan Santana views such exceptionally high volume as an extremely bullish indicator, suggesting ample room for further growth in Filecoin (FIL). He gave an initial Filecoin (FIL) price target of $18 (95% increase). Subsequent targets: $44, $70, and $96, with potential gains of up to 915%.

How far can Filecoin go?

➖#Filecoin is making it super easy based on a volume signal.
➖#FILUSDT has been producing the highest volume ever on the weekly timeframe. Super high volume is as bullish as it gets. It signals that there is room for plenty of additional growth.… pic.twitter.com/QXYtcDyqmL

— Alan Santana (@lamatrades1111) March 2, 2024

As reported by CoinGape last month, market analysts expect a 5x growth to $50 for Filecoin.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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