Can Filecoin Price Reach $20? Potential Scenarios!

• After staying in the $5 price range for a long time, Filecoin seems to be advancing towards the $20 milestone, surging over 115% in the last month.
• Filecoin is a blockchain-supported decentralized storage system that assists in storing significant data.
• According to Daniel Cheung, Co-Founder of Syncracy Capital, Filecoin is more than just a storage system.

While the price of the FIL token of the Filecoin project continues to trade above $11, there is anticipation about its future trajectory: Here are the answers to the questions!

Current Status of Filecoin (FIL) Price

After staying in the $5 price range for a long time, Filecoin seems to be advancing towards the $20 milestone, surging over 115% in the last month. This could be a result of the current bullish market conditions or new partnerships. The market is currently in a bullish phase where various coins have shown good performance over time. The imminent event expected is Ethereum hitting $4,000, which could happen at any moment.

Filecoin is a blockchain-supported decentralized storage system that assists in storing significant data. It initially focused on private data storage services, starting as an incentive layer for the Interplanetary File System. Filecoin has a native token called FIL, used to make payments for transactions and storage services on the platform.

According to Daniel Cheung, Co-Founder of Syncracy Capital, Filecoin is more than just a storage system. It possesses computation and retrieval functionality. He further went on to conclude that due to its data centers’ data network, Filecoin is a strong contender in the AI narrative.

The current price of Filecoin is $11.20, having surged over 115% in a month, and more than 12% in the last 24 hours. What is currently impressive is the over 125% surge in trading volume in just one day, bringing it to $1,132,615,216. According to the data, it ranks 22nd after an increase of $5,988,576,977 in market value.

Can Filecoin Price Soon Reach $20?

The price of Filecoin is at the highest peak in the last 22 months. It surged over 115%, from $5.8108 to $11.47, within a month. The last time it was this high was on May 9, 2022, with a trading volume of approximately $520.76 million. FIL has displayed bullish behavior since the beginning of March. Additionally, Coinglass data indicates a 4% jump in open positions, bringing it to the $429.90 million level. This signals increased investor interest and suggests a path for the long term.

Recently, BVMnetwork announced integration with Filecoin and LighthouseWeb3, working on the security and scalability of Bitcoin Layer 2 solutions. In a post, Bitcoin Virtual Machine (BMVnetwork) stated that with Filecoin’s decentralized storage capability, they can store transaction archives when dropped from the DA layer. This will simplify the indexing process for Bitcoin builders with the help of Lighthouse Node Aggregators.

Therefore, due to increasing demand and popularity in the coming months, there is a likelihood that the Filecoin price may reach $20. Some analysts have predicted that FIL could reach $18 within this month. Subsequently, it is anticipated to continue moving towards $96 with a gain of 915%.