- Solana Network intends to use Filecoin’s decentralized storage capabilities to achieve data redundancy, scalability, and improve overall security for its web3 ecosystem.
- FIL price is on the cusp of a major bullish uproar backed by an inverse head and shoulder weekly pattern and bullish divergence on the RSI indicator.
Filecoin (FIL), a fast-growing top-tier decentralized cloud data storage, has signaled the onset of the macro bull run in the past three weeks. After a prolonged bear market that began in mid-2021, FIL price has consistently closed above the 50 Moving Average (MA), thus signaling the bulls are in control.
The mid-cap altcoin, with a fully diluted valuation of about $14 billion and an average daily trading volume of around $959 million, is on the cusp of registering macro higher highs and higher lows.
The Filecoin network has grown to a mature decentralized storage ecosystem that promises to scale the adoption of web3 protocols. Moreover, DeFi developers can now focus on delivering quality products while tapping on Filecoin’s decentralized storage at a fractional cost.
Filecoin Ecosystem Receives Solana’s Much Needed Boost
Having proved that its services are more than reliable enough to handle large-scale web3 adoption, the Filecoin network announced a strategic integration with the Solana (SOL) ecosystem earlier this week. Following the integration, the Solana network is now using Filecoin’s decentralized cloud data storage to make its block history more accessible and usable to web3 developers.
Consequently, Solana can now achieve higher decentralization and enhanced security amid the notable competition in the layer one ecosystem.
A Growing Ecosystem
The integration of the Solana ecosystem into the Filecoin network is a major boost for the latter amid the ongoing mainstream adoption of web3 protocols. Furthermore, the Solana network is a leading smart contract ecosystem with more than $1.9 billion in Total Value Locked (TVL) and around $2 billion in stablecoin market cap.
The Filecoin ecosystem has been growing steadily in the past few years and is currently used by dozens of web3 platforms. Some of the notable web3 platforms using the Filecoin network include liquid staking protocols like GLIF, STFIL, SFT, MineFi, Filet Finance, and HashKing, among many others. As a result, the Filecoin network has a TVL of about $860k, according to market data provided by defillama.
FIL Price Prepares to Moon Soon
Filecoin (FIL) price has significantly benefited from the ongoing crypto cash rotation from Bitcoin all the way to small-cap altcoins. The mid-cap altcoin has gained around 46 percent in the past two weeks to trade around $7.41 on Wednesday. As a result, the FIL price is currently retesting a crucial resistance level that could yield a huge bull run if it is converted to a support level.
#Filecoin is trading within a parallel channel on its 3-day chart. Watch out for the resistance posed by the channel's upper boundary, set at $8.50.
A successful break through this barrier could significantly bolster $FIL's price, potentially tripling its value to reach $25.5! pic.twitter.com/Tgg0rZfRrs
— Ali (@ali_charts) February 19, 2024
According to a popular crypto analyst Ali Martinez, FIL price is currently aiming to reach $25 if it consistently closes above the resistance level around $8.5. The crypto analyst noted that FIL price has been trading inside a horizontal channel in the past year and is now ready to push higher amid the ongoing crypto bullish outlook.
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