Filecoin Price Prediction as FIL Becomes Best-Performing Coin on the Market – What’s Going On?

cryptonews.com:

The Filecoin price has jumped by 16% in the past 24 hours, surging to $7.68 amid a sudden growth in trading volume yesterday.

FIL is now up by 38% in a week and by 52% in the past fortnight, yet the coin actually remains down by 10% in the last 12 months.

This annual decline suggests that FIL has just begun making up for lost time, with today’s rally potentially the beginning of a long overdue recovery for the altcoin.

Filecoin’s chart reveals that the coin is dangerously close to overbought territory, meaning that it may suffer a dip in the next few days.

For now, its relative strength index (purple) has reached 80 today, indicating very strong buying pressure.

Likewise, FIL’s 30-day moving average (yellow) is now rising almost vertically after declining for almost a month up until a week ago.

This bullish reversal suggests that the coin has entered a bullish, expansionary phase, and that even if it does correct in the next one or two days, it may maintain considerable medium- and long-term momentum.

There’s one very clear reason as to why Filecoin has rallied in the past couple of days, which is that Solana has integrated with Filecoin’s decentralized file-storage network.

Solana's integration with #Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.@solana is utilizing Filecoin to make its block history more accessible and usable… pic.twitter.com/1NcuaLNYT5

— Filecoin (@Filecoin) February 16, 2024

The above integration means that Solana is storing its ledger/block history on Filecoin, a move which provides a strong advertisement of the latter’s capabilities.

This news has provided the short-term catalyst for a