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Filecoin: How Solana helped FIL prices jump 38% in 7 days

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The primary driver of the ongoing rally was the partnership with Solana.
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Filecoin surges on Solana partnership
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  • FIL was the 12th most-traded cryptocurrency in the last 24 hours.
  • The OI in FIL futures spiked to a 26-week high.

Filecoin [FIL] became the second-largest gainer in the entire crypto market over the last 24 hours, building on the bullish impetus it received recently.

The token representing the decentralized storage network pumped to $7.53 at press time, marking a jump of 16% in the 24-hour period, and a whopping 38% over the week, according to CoinMarketCap data.

Market gets excited over FIL

The price surge grabbed the attention of market participants, leading to a 217% spike in daily trading volume. In fact, FIL, which ranked 27th in market capitalization, was the 12th most-traded cryptocurrency in the last 24 hours.

Moreover, market sentiment towards FIL turned positive, as per AMBCrypto’s analysis of Santiment’s data. Such as spike in market sentiment was last seen six weeks ago.

The number of mentions of the coin on popular crypto-focused social channels also jumped, leading to greater awareness and possibly ownership.

Filecoin market sentiment

Source: Santiment

While analyzing the price trajectory of FIL, popular technical analyst Ali Martinez flagged $8.5 as the next barrier for the coin.

Martinez forecasted,

“A successful break through this barrier could significantly bolster FIL‘s price, potentially tripling its value to reach $25.5.” 

This was the trigger

The primary driver of the ongoing rally was the partnership with Solana [SOL], a heavyweight in the arena of smart contracts and decentralized apps (dApps).

As AMBCrypto previously reported, Solana would use Filecoin to store its blockchain history, thereby making it more accessible for users requiring historical access. The landmark deal reflected a move away from centralized storage solutions to blockchain-based alternatives.

Speculation on FIL rises

The price rally got derivatives traders interested. The Open Interest (OI) in FIL futures spiked to a 26-week high, according to AMBCrypto’s analysis of Coinglass’ data.

As of this writing, the OI was $345 million, after doubling in a week’s time.

Filecoin Open Interest surges to a 2-year high

Source: Coinglass

How much are 1,10,100 FILs worth today?

The number of bullish bets taken for the coin increased, as evidenced by the Long/Short Ratio.

While majority of the positions were dominated by shorts, a continuation of the rally could cause the situation to flip.

Filecoin Long/Shorts Ratio

Source: Coinglass

 

 

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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