Solana

Filecoin

Arthur

Rise

Filecoin (FIL) has been among the top gainers during the current market rally. Throughout February, FIL has shown a formidable performance fueled by the bullish momentum and its partnership with a major blockchain. 
This performance has analysts and important crypto actors predicting a <a href="https://www.newsbtc.com/news/top-ai-trend-coins-this-bull-run/" target="_blank" rel="noopener ">potential bullish run</a> around the corner for the decentralized storage network’s native token. 
<h2 style="font-weight: 400" id="should-filecoin-investors-get-ready-for-a-bull-run">Should Filecoin Investors Get Ready For A Bull Run?</h2> 
Pseudonym analyst and trader Crypto Breakout <a href="https://coinmarketcap.com/community/post/333913530/" target="_blank" rel="noopener nofollow">highlighted</a> that FIL broke through a crucial resistance in the 3-day timeframe, signaling that the “bulls return with force.” The chart shared by the analyst illustrates a downtrend pattern in FIL’s price since 2022. 
Two years ago, as the chart below shows, the token traded at $11 before facing a pullback that shredded about 70% of the token’s value in the following months. By February 2023, the token recovered and broke through the $9 resistance level before repeating a similar downtrend. 
<img loading="lazy" decoding="async" class="size-large wp-image-576598 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=860&amp;resize=860%2C400" alt="" width="860" height="400" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=2527 2527w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=860&amp;resize=860%2C400 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/07b184162420476f92853da11c26560b.jpg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Since 2023, the price has remained well below this level, only breaking through the $8 support zone once at the very beginning of 2024. Throughout January, FIL’s price had a turbulent performance, falling around 40%. 
The price has picked up the crypto market uptrend, and, as the analyst highlights, it has been gaining positive momentum. The 3-day time frame shows that FIL has been following an upward trend that led to the token breaking through the crucial $8 support zone this Friday. 
As the post suggests, this break out of the downtrend could signal FIL’s “beginning of an epic bullish rally” and that investors should “get ready for exciting moves ahead.” 
Renowned crypto analyst Ali Martinez made a similar prediction. Earlier this week, Martinez <a href="https://twitter.com/ali_charts/status/1759667638366617792?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">highlighted</a> Filecoin moving within a parallel channel on the 3-day chart. He suggested a successful breakthrough from the $8.50 barrier could catapult the token’s price to $25.5. 
<h2 style="font-weight: 400" id="artur-hayes-predicts-100-as-fil-continues-to-rise">Artur Hayes Predicts $100 As FIL Continues To Rise</h2> 
After the token’s recent surge, BitMEX co-founder Arthur Hayes shared his FIL prediction. On an X (former Twitter) post, Hayes forecasted that FIL’s price would rally to $100, also calling the <a href="https://www.newsbtc.com/bitcoin-news/analyst-bitcoin-has-never-been-this-bullish-whats-next/" target="_blank" rel="noopener ">arrival of the bull market</a>. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 Welcome to the bull market. May all things AI related levitate. <a href="https://twitter.com/search?q=%24FIL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$FIL</a> = $100 
 Yachtzee <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f618.png" alt="😘" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f618.png" alt="😘" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f618.png" alt="😘" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f618.png" alt="😘" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/oggCeY8IGc" rel="nofollow">pic.twitter.com/oggCeY8IGc</a> 
 — Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1760820280648458301?ref_src=twsrc%5Etfw" rel="nofollow">February 23, 2024</a>
</blockquote> 
Filecoin, a decentralized storage network, <a href="https://www.newsbtc.com/news/filecoin/filecoin-fil-notches-10-gain-following-integration-with-solana/" target="_blank" rel="noopener ">recently</a> integrated with Ethereum’s rival Solana to make its blockchain history more accessible and usable. According to the announcement, the integration is a significant move away from centralized storage solutions, which seek to improve reliability and scalability in the Solana blockchain. 
This move has considerably fueled the ongoing upward momentum for FIL. The token has shown a considerable performance in recent weeks, with FIL increasing 53.9% in the last two weeks and 67.7% in 30 days. 
The token trades at $8.19 at writing time, representing a 9.6% surge in 24 hours and 39.0% in the last seven days. FIL is currently the 25th largest cryptocurrency by market capitalization, at $4.2 billion, a 12.38% increase from yesterday. Its trading activity also saw a recent rise, with its daily trading volume at $895.2 million, 44% more than the day before. 
<img loading="lazy" decoding="async" class="size-large wp-image-576601 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/NheZQobt-2.png?w=860&amp;resize=860%2C435" alt="FIL, FILUSDT, Filecoin" width="860" height="435" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/NheZQobt-2.png?w=1023 1023w, https://www.newsbtc.com/wp-content/uploads/2024/02/NheZQobt-2.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/NheZQobt-2.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/NheZQobt-2.png?w=860&amp;resize=860%2C435 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/NheZQobt-2.png?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

Filecoin (FIL) Surges Another 9.3%, Are The Bulls Getting Ready For More?

Table of Contents

NewsBTC

Other articles published on Feb 23, 2024

Kelexo (KLXO) Set to Outrank Hedera (HBAR) and Aave (AAVE) as Revolutionary Crypto Platform of 2024

Bitcoin Holds at $51K as Altcoins See Dynamic Movements

Crypto whale pours $3 mln in Altlayer post $14.40 mln Polychain funding

Is Cardano Dead? Why ADA Is Falling Out of Favour Before The 2024 Bull Market, The Rise of a New ...

Whale Investment Rallies Interest in Binance’s Newest Launchpool Project, AltLayer

Crypto Analysts Are Giga-Bullish On XRP Price, Set Multiple Price Targets

Join our free newsletter for daily crypto updates!