Filecoin (FIL) surged 8.77% in 24 hours as trading volume increased by nearly 60%, reaching a price of $0.9874. Despite being down approximately 99% from its all-time high near $238, the decentralized storage token shows tentative signs of accumulation. Analysts suggest that if momentum continues, price objectives could extend to $3, $8, and $30 in a favorable scenario.
Filecoin (FIL) is exhibiting strong bullish momentum, rising 8.77% over the last 24 hours. According to CoinMarketCap, the token’s trading volume surged 59.53% to $169.6 million, with its market capitalization standing at $762.02 million.
Analyst Crypto Patel revealed that Filecoin has collapsed nearly 99% from its 2021 peak. “Once a symbol of decentralized storage hype, it is now largely ignored,” the analyst stated in an X post.
The token is currently trading at the lower end of a multi-year range following an extensive capitulation. Analysts consider the price level from $0.80 to $0.50 as a high-risk accumulation stage for early participants.
Filecoin’s fundamentals are supported by leading venture capitalists like a16z and Sequoia. Rising demand for storage from AI applications adds further credibility to its long-term narrative.
Provided market structure stabilizes, upside price objectives could eventually expand to higher levels. Analysts note that any decline below $0.50 would strengthen the bearish argument significantly.
