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

Highlights

Filecoin announces integration with BVMnetwork to enhance scalability and security of Bitcoin L2.
Filecoin's decentralized storage offering makes it strong contender for the AI space.
FIL price can rally to $20 and beyond as per technical charts.

Filecoin’s native cryptocurrency, FIL, is experiencing a robust surge, gaining 15% in the past 24 hours. Currently, The Filecoin (FIL) price is trading at $11.20, boasting a market cap of $6.1 billion. Additionally, daily trading volumes have surged by an impressive 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 🔥

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:

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.
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.
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 Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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