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Filecoin Partners With Solana on Decentralized Storage — FIL Price Rises 33% In February

Last Updated February 19, 2024 11:50 AM
Nikola Lazic
Last Updated February 19, 2024 11:50 AM

Key Takeaways

  • A partnership between Filecoin and Solana has enhanced blockchain storage.
  • The recent collaboration means FIL could rise.
  • The integration signifies a shift to decentralized, secure storage solutions.

On February 18, 2024, peer-to-peer file storage network Filecoin announced a collaboration with Solana,. This partnership aims to bolster Solana’s infrastructure, making it a strong competitor to Ethereum by improving its decentralized storage capabilities.

Meanwhile, the price of Filecoin has been on the rise since the start of February, gaining 33%. Can this new development continue pushing the price higher?

Filecoin and Solana Integration 

According to Filecoin, the integration with Solana marks  a shift from traditional centralized storage methods to a more secure, scalable, and reliable decentralized model. The collaboration will allow Solana to improve its blockchain’s accessibility and functionality for a wide range of users, including infrastructure providers and indexers, by utilizing Filecoin’s advanced decentralized storage solutions.

Solana’s founder, Anatoly Yakovenko, expressed his enthusiasm for the partnership, highlighting the crucial role of the RPC service Triton One in facilitating it. He thanked Filecoin for its contribution to developing a decentralized archive layer and Triton One for its extensive efforts in launching the project.

FIL Price Analysis 

After its all-time high of $230 in April 2021, FIL was in a bear market before reaching $3 on December 18, 2022. A horizontal range formed between $3 and $8. This area could be a consolidation or accumulation zone. 

Daily chart.
FIL at key resistance again.

On October 19, the price returned to its $3 support and bounced, causing another attempt to break out. However, it stopped at $8, resulting in a drop to $5 on January 23. 

This price was a 0.618 Fibonacci level, usually the end of a corrective stage in the starting uptrend. Considering that FIL has started to rise again, this could be the first higher low in a new bull phase. 

If the price continues rising and goes above $8, this would be confirmed, and our next target would be at the 1.618 Fibonacci extension, or nearly $13. Our second target would be at $16.50, another significant level. This should mark the end of the first uptrend in this new starting bull cycle. 

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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