Filecoin (FIL) continues to get pleasure from traders’ curiosity following a 10.28% achieve within the final day, in response to knowledge from CoinMarketCap. The altcoin has just lately been the focal point following a gradual value rise prior to now week culminating in a 15.34% value achieve. Apparently, the spike in FIL’s value over the 24 hours seems to be fueled by thrilling developments within the undertaking’s ecosystem.

Filecoin Meets Solana

In an X publish on February 16, Filecoin introduced an integration with the favored Ethereum rival, Solana. Launched in March 2020, Solana is considered one of the crucial outstanding good contract-compatible platforms providing quick transactions and nearly non-existent charges.

Solana’s integration with #Filecoin is a major transfer away from centralized storage options and a exceptional step in direction of enhancing the reliability and scalability of the Solana blockchain.@solana is using Filecoin to make its block historical past extra accessible and usable… pic.twitter.com/1NcuaLNYT5

— Filecoin (@Filecoin) February 16, 2024

Ranked because the fifth-largest crypto undertaking with a market cap worth of $47.97 billion, Solana’s integration with Filecoin is aimed toward migrating from its broadly criticized centralized storage system to decentralized storage options, with the goal of bettering its present scalability and integrity. 

Via this integration, Filecoin’s community will help Solana in enhancing entry to its blockchain historical past, which might be useful to builders, explorers, indexers, and different community customers. As well as, Filecoin’s decentralized storage options will enable Solana to expertise knowledge redundancy, scalability, and a better degree of safety whereas working as a decentralized community. 

Apparently, this improvement created a lot pleasure within the Filecoin consumer neighborhood as FIL surged by over 10%, reaching a worth of $6.36. In the meantime, FIL’s every day buying and selling quantity stands at $497.78 million, having recorded an astounding 178.42% achieve.

FIL Worth Prediction

FIL started 2024 on a turbulent notice shedding about 40% of its worth between January 1 and January 23. Nonetheless, in the previous few weeks, the token has skilled a gentle value restoration which is additional aided by its most up-to-date increase in value.

If the bulls are in a position to maintain the present shopping for momentum, FIL could hit the $eight value mark representing a return to the degrees seen at the beginning of 2024. Nonetheless, in response to the token’s every day chart, the relative power index has now crossed into the overbought zone. This means that there is perhaps an incoming pattern reversal. In that case, FIL’s value could fall as little as $4.90, which represents its subsequent help degree and a 23.71% decline from the present market value. 

Filecoin (FIL) buying and selling at $6.341 on the every day chart | Supply: FILUSDT chart on Tradingview.com