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Filecoin Price Prediction 2024: FIL Price Analysis

Last Updated June 14, 2024 1:52 PM
Nikola Lazic
Last Updated June 14, 2024 1:52 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • Filecoin is a decentralized, blockchain-based cloud storage platform, and the FIL coin is its native token.
  • FIL is one of the many cryptos to have been accused of being an unregistered security by the United States Securities and Exchange Commission in recent months.
  • Out price prediction says it may reach $31 next year.

After peaking at above $10 in March, Filecoin has been on a downturn. The crypto’s price has halved over the last three months or so and, on June 14 2024, FIL was worth about $5.45.

This downturn comes despite a swathe of platforms, including Uniswap (UNI) and SushiSwap (SUSHI), coming to the blockchain in recent months.

Filecoin did not immediately respond to a request for comment.

But what is Filecoin (FIL)? How does Filecoin work? Let’s take a look and see what we can find out, and also examine some of the Filecoin price predictions that were being made as of June 14, 2024.

Filecoin Price Prediction 

Minimum FILE Price Prediction Average FILE Price Prediction Maximum FILE Price Prediction
2024 $15 $19 $22
2025 $18 $22  $31
2030 $6.50  $24 $42
Filecoin Price Analysis
Filecoin looks set to go up, but a new all-time high looks some way off | Credit: Nikola Lazic/TradingView

Filecoin Price Prediction 2024

If the price breaks out above its horizontal range, it is likely headed to a new yearly high. Its targets depend on the momentum but are projected to come between the 1.272 and 2 Fibonacci extension levels. 

Filecoin Price Prediction 2025 

As another higher high would be expected in 2025, it would depend on the completion of the previous move. If the third wave has the most length and gets extended, its fifth wave would come at the 0.786 Fibonacci level, at $22. However, wave three could come short, and wave five would get extended, reaching higher price targets. 

Filecoin Price Prediction 2030

Considering that the FILE price has been underperforming the rest of the market and is still more than 97% lower than its all-time high, unlike most of the other major cryptos it could continue rising throughout 2025 and reach a new high above $50 by 2030. 

But if it follows the same expected pattern—the completion of a bull cycle in 2025 and a bear market until late 2029—it will only start its bull phase again in early 2029. 

Filecoin Price Analysis

After reaching its all-time high of $237 in April 2021, FIL experienced a prolonged bear market, eventually bottoming out at $3 on December 18, 2022. This low established a horizontal trading range with a ceiling at $8, forming what could be considered a consolidation or accumulation zone.

On October 19, FIL revisited its $3 support level and rebounded, initiating another effort to surpass the $8 threshold. This attempt was curtailed at $8, leading to a pullback to $5 by January 23. 

FIL Price Analysis
Filecoin has been stagnating since the middle of April | Credit: Nikola Lazic

After establishing a higher low, it made another higher high of nearly $12 on March 8, increasing by 290% since its $3 bottom. This was the culmination of a five-wave advancement, which is why we saw a sharp downturn after. Filecoin fell by 60% to a low of $4.60 on April 13 and started trading sideways. 

As it remained trading above the 0.786 Fibonacci level and suggested it was consolidating, we could have seen the completion of its first bull market correction. Although no positive signs are seen, we can expect to see its next major uptrend soon. 

If this happens, FILE could continue moving upward with greater momentum and reach a new yearly high above $16 to $19, the 1.618 Fibonacci extension level. According to this projection, it should end its wave 3 in 2024 and start its wave 4. 

In early 2025, after finishing its corrective phase, its last uptrend for its fifth wave is expected to lead the price of FILE to $23. 

 

Price/Performance Comparisons

Current Price One Year Ago Price Change
FILE $5.42 $3.57 51.82%
LINK $15.40 $5.12 200.78%
DOT $6.36 $4.50 41.33%
ICP $9.80 $3.80 157.89%

How Do We Make a Filecoin Price Prediction?

Our price prediction for Injective combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the FILE-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between. 

Advantages and Disadvantages of Filecoin

Blockchain analytics company Messari  recently released their quarterly report on Filecoin. In it they outlined some key advantages and disadvantages of the blockchain.

They found that in the first quarter of 2024, it had

  • 1,900 active deals, up year-on-year from 600 and up quarter-on-quarter from 1,700.
  • An average of 3.3 new daily deals, up from 3.2 year-on-year but down from 3.7 quarter-on-quarter
  • Revenue of $1.6 million, down from $6.9 million the previous year but up from $1.3 million the previous quarter.
  • Storage utilization of 22.9%, up from 4.1% the previous year and up from 17.6% the previous quarter.

Advantages of Filecoin

Messari says that Filecoin

  • Has been able to help early-stage projects.
  • Had some notable clients.
  • Is actively developing a community of storage users and providers.

Disadvantages of Filecoin

Messari also says that Filecoin

  • Saw a slowdown in daily deals.
  • Could experience storage capacity issues in the future.
  • Had falling revenue year-on-year

FIL Price History

Filecoin Price History
Filecoin’s price in 2023 and 2024 | Credit: CoinMarketCap

 

Time period Filecoin price
Last week (June 7 2024) $6.72
Last month (May 14 2024) $5.61
Three months ago (March 14 2024) $10.76
One year ago (June 14 2023) $3.73
Five years ago (June 14 2019) $5.09
Launch price (December 13 2017) $11.47
All-time high (April 1 2021) $237.24
All-time low (August 29 2019) $1.83

Who Owns the Most Filecoin?

On June 14 2024, one wallet held nearly 40% of Filecoin’s supply.

Richest FIL Wallet Addresses

As of June 14 2024, the five wallets with the most Filecoin were:

  • f02. This wallet held 771,382,684 FIL, or 38.57% of the supply.
  • f090. This wallet held 282,933,381 FIL, or 14.15% of the supply.
  • f086971. This wallet held 70,295,119 FIL, or 3.51% of the supply.
  • f047684. This wallet held 62,785,249 FIL, or 3.14% of the supply.
  • f0121. This wallet held 53,048,732 FIL, or 2.65% of the supply.

Filecoin Supply and Distribution

Supply and distribution Figures
Total supply 1,960,189,828
Circulating supply (as of June 14 2024) 563,292,046 (28.74% of total supply)
Holder distribution Top ten holders own 69.04% of supply as of June 14 2024

From the Whitepaper

Filecoin’s whitepaper  – a technical document that explains what the platform is and what it actually does, says that the network is designed to take advantage in changes to the internet, with people looking for more control and privacy.

It says: “Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token (also called “Filecoin”), which miners earn by providing storage to clients. Conversely, clients spend Filecoin hiring miners to store or distribute data.

“As with Bitcoin, Filecoin miners compete to mine blocks with sizable rewards, but Filecoin mining power is proportional to active storage, which directly provides a useful service to clients.”

Filecoin (FIL) Explained

Filecoin is designed to help people use cloud storage on the blockchain. The idea is that, since The Cloud is, in effect, a decentralized network, where people can access their files from any device with an internet connection then, logically speaking, it makes sense for the organization of the network also to be decentralized. 

Founded in 2014 by California-based crypto entrepreneur Juan Benet, Filecoin was originally a sidechain of the InterPlanetary File Network storage system. In 2017, though, it held an initial coin offering (ICO) and, in 2020, its mainnet launched. Filecoin is supported by its native token, which goes by the ticker handle of FIL. 

How Filecoin Works

Filecoin uses a consensus mechanism called Proof-of-Spacetime. According to the Filecoin whitepaper, Proof-of-Spacetime features blocks created by miners who store data in them. This allows the protocol to provide data storage and retrieval in a decentralized manner.

Clients pay to store and retrieve data, while storage miners can earn FIL by offering storage, while retrieval miners earn it by retrieving data. As well as being used to reward miners, FIL can be bought, sold, and traded on exchanges.

Is FIL a Good Investment?

Filecoin has suffered over the last two years or so, losing more than 95% of its value since the Spring of 2021. While it initially looked like it would shrug off the SEC apparently classifying it as an unregistered security, the regulator’s lawsuit against Binance and Coinbase threw it back into the spotlight. Nevertheless, it is still comfortably in the top 50 cryptos by market cap and is not without its fans. We shall have to see how the market reacts and if it recovers over time. 

Will FIL go up or down?

Nobody really knows right now. While a lot of price forecasts are broadly optimistic, at least in the longer-term, price forecasts are very often wrong. Remember, too, that prices can, and do, go down as well as up. 

Should I invest in FIL?

Before you invest in Filecoin, you will need to do your own research, both on FIL and on other, similar cryptos, such as Storj Labs (STORJ). The most important thing, though, is to never invest more money than you can afford to lose. 

Filecoin Attention Tracker

Filecoin Google Search Volume
Filecoin Google search volume | Credit: Google

Here is a chart for the Filecoin Google search volume for the past 90 days. This represents how many times the term “Filecoin” has been Googled over the previous 90 days. 

FAQs 

How many Filecoin are there?

As of June 14, 2024, there were 563 million FIL in circulation, out of a total supply of 1.96 billion.

Will Filecoin reach $100?

It could do, but not until the 2030s at least. Our forecast says that the best it can hope for is $42 in 2030 if everything goes well. Investors should note, though, that it has traded above $100 before, most recently in September 2021.

What is Filecoin used for?

The Filecoin blockchain is a decentralized remote storage network, and the FIL crypto coin is used to help support it. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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