Is Filecoin set for a major rally? Analyzing the path to $28

• The asset was trading within a bullish triangle pattern, that could lead FIL to $28 mark.
• Market sentiment is increasingly favoring bulls, as participants anticipate a sustained uptrend.

Over the past month, Filecoin [FIL] has delivered an impressive performance, rallying by 94.18% and nearly doubling its price from recent lows. Bullish momentum continues, with the last 24 hours seeing a 6.17% gain, adding to a 24.04% weekly increase.

AMBCrypto analysis found that market participants will play a major role in shaping FIL’s trajectory in the upcoming trading sessions.

Bullish participants remain in control of FIL

Data from Coinglass confirms that bullish sentiment remains strong for FIL, supported by rising Open Interest (OI) and a positive Funding Rate.

Open Interest, which tracks the total number of unsettled perpetual contracts on an asset, has climbed significantly.

Over the past 24 hours, FIL’s OI surged by 19.13% to $396.72 million, which indicates increased activity that favors long contracts over short ones. This trend aligns with the broader bullish momentum driving the market.

Source: Coinglass

The Funding Rate stood at 0.0296% at press time, showing that long traders are actively sustaining the market by covering the price gap between spot and futures markets. This dynamic reinforces the ongoing price rally, as it reflects greater confidence among buyers.

Given the current bullish sentiment, AMBCrypto’s analysis suggests that FIL could continue its upward trajectory, possibly reaching double-digit price levels.

Double-digit target for FIL: The road to $28

The chart shows FIL trading within a bullish triangle pattern, a setup often linked to upward momentum. FIL has already broken out of this formation, setting the stage for a significant rally.

The first target in this movement is $16.8, followed by a potential climb to $28. Achieving this milestone would mark a 319% gain over a short period.

Source: Trading View

For this rally to progress, FIL must break through the resistance at $6.71, which is currently capping upward movement. Clearing this level would pave the way for sustained price growth.

Long liquidations hamper FIL’s momentum

Recent liquidation data from the past 12 hours reveals heavy losses for long traders.

Read Filecoin’s [FIL] Price Prediction 2024–2025

During this period, $743.36 worth of long positions were liquidated, adding to the current difficulty in breaking through the resistance line.

If this bearish pressure persists, FIL could face further challenges in sustaining its bullish rally. A shift in market sentiment will be crucial to overcoming these setbacks and regaining upward momentum.