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

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 potential bullish run around the corner for the decentralized storage network’s native token.

Should Filecoin Investors Get Ready For A Bull Run?

Pseudonym analyst and trader Crypto Breakout highlighted 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.

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 highlighted 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.

Artur Hayes Predicts $100 As FIL Continues To Rise

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 arrival of the bull market.

Filecoin, a decentralized storage network, recently 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.

FIL, FILUSDT, Filecoin

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Crypto Analyst Predicts 10X Move For Filecoin (FIL) To $70, But Can It Reach ATH?

Over the last day, Filecoin (FIL) has seemingly emerged from the shadows to stage a price recovery of over 10%. This notable move has brought more attention to the altcoin, which had previously failed to follow the general crypto market recovery. On the back of this, one crypto analyst predicts big things for the altcoin, expecting a 1,000% increase in its price.

Filecoin Will See A 10X Rise To $70

In the analysis that was shared on X (formerly Twitter), crypto analyst “Tony The Bull” told his almost 20,000 followers that the Filecoin (FIL) price was gearing up for a massive recovery. The chart shared in the analysis tracks the movement of the coin over the last year, which saw it go from a low below $3 to over $.7, an almost 200% increase. Nevertheless, the crypto analyst believes there is more to come.

The prediction for the Filecoin price from the crypto analyst is that it will rally as high as $70. Now, given FIL’s current trading value, this would mean a 1,000% increase or a 10X increase from here. The analyst seems to believe that the altcoin is entering into a price discovery phase, saying, “I’m gonna find out.”

Tony is not the crypto analyst that forecasts a bullish future for the Filecoin price as analyst Ali Martinez also expects the altcoin to do well. Martinez revealed that FIL is currently trading in a “parallel channel on its 3-day chart” which is usually bullish for price.

However, for the move to be confirmed, the crypto analyst explains that the altcoin must break the “resistance posed by the channel’s upper boundary, set at $8.50.” If this happens, then Martinez expects the price to rise as high as $25.5.

Can FIL Reach A New All-Time High?

In addition to his analysis, Tony The Bull also posits that Filecoin is only 20X away from its all-time high price of around $230, so it is possible that the altcoin could see a run-up to this level. However, this was not well-received by community members, who countered that it would be impossible for FIL to reach a new ATH due to its inflation over the last year.

FIL’s circulating supply has risen drastically over the years, putting it way higher than what it was when it hit its all-time high back in 2021. Due to this, expectations that the altcoin could get back to this level are very low. “With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH,” one user said in response to the crypto analyst.

Nevertheless, FIL continues to show strength in the daily chart. Its price is up 16% in the last 24 hours and 40% in the last seven days, according to data from Coinmarketcap. It is trading at $7.68 at the time of this writing.

Filecoin (FIL) price chart from Tradingview.com