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Breaking News: What's Next For Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000?
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Breaking News: What's Next For Bitcoin? Two Key Scenarios: Will It Crash To $60,000 Or Surge To $100,000?

Filecoin (FIL) Notches 10% Gain Following Integration With Solana

Semilore Faleti
Semilore Faleti
Last Updated: February 18, 2024 7:32 am
3 mins read
Filecoin

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Filecoin (FIL) continues to enjoy investors’ interest following a 10.28% gain in the last day, according to data from CoinMarketCap. The altcoin has recently been the center of attention following a gradual price rise in the past week culminating in a 15.34% price gain. Interestingly, the spike in FIL’s price over the 24 hours appears to be fueled by exciting developments in the project’s ecosystem.

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1 year ago

Filecoin Meets Solana

In an X post on February 16, Filecoin announced an integration with the popular Ethereum rival, Solana. Launched in March 2020, Solana is regarded as one of the most prominent smart contract-compatible platforms offering fast transactions and almost non-existent fees.

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

Ranked as the fifth-largest crypto project with a market cap value of $47.97 billion, Solana’s integration with Filecoin is aimed at migrating from its widely criticized centralized storage system to decentralized storage solutions, with the aim of improving its existing scalability and integrity. 

Through this integration, Filecoin’s network will assist Solana in enhancing access to its blockchain history, which will be beneficial to developers, explorers, indexers, and other network users. In addition, Filecoin’s decentralized storage solutions will allow Solana to experience data redundancy, scalability, and a higher level of security while operating as a decentralized network. 

Interestingly, this development created much excitement in the Filecoin user community as FIL surged by over 10%, reaching a value of $6.36. Meanwhile, FIL’s daily trading volume stands at $497.78 million, having recorded an astounding 178.42% gain.

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FIL Price Prediction

FIL began 2024 on a turbulent note losing about 40% of its value between January 1 and January 23. However, in the last few weeks, the token has experienced a steady price recovery which is further aided by its most recent boost in price.

If the bulls are able to sustain the current buying momentum, FIL may hit the $8 price mark representing a return to the levels seen at the start of 2024. However, according to the token’s daily chart, the relative strength index has now crossed into the overbought zone. This indicates that there might be an incoming trend reversal. In that case, FIL’s price may fall as low as $4.90, which represents its next support level and a 23.71% decline from the current market price. 



FilecoinFilecoin (FIL) trading at $6.341 on the daily chart | Source: FILUSDT chart on Tradingview.com
Featured image from Filecoin, chart from TradingView
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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