Highlights
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 $1.126 billion.
The recent surge in Filecoin (FIL) price is linked to its integration by BVMnetwork, alongside LighthouseWeb3, enhancing Bitcoin Layer 2 solutions’ security and scalability. Filecoin’s decentralized storage optimizes transaction record archiving, aiding Bitcoin developers via LighthouseWeb3 Node Aggregators. This boosts Bitcoin Layer 2 solutions and increases demand for the FIL token.
Daniel Cheung, co-founder of Syncracy Capital, has drawn parallels between Filecoin ($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:
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%.
As reported by CoinGape last month, market analysts expect a 5x growth to $50 for Filecoin.
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