- FIL was the 12th most traded cryptocurrency in the last 24 hours.
- The OI for FIL futures soared to a 26-week high.
Filecoin (FIL) was the second biggest gainer in the entire cryptocurrency market in the last 24 hours, thanks to the strength it received recently.
The token representing the decentralized storage network surged to $7.53 at press time, up 16% in 24 hours and a whopping 38% in a week, according to CoinMarketCap data.
The market is crazy about FIL
The price surge caught the attention of market participants, leading to a 217% surge in daily trading volume. In fact, FIL, ranked 27th in market capitalization, was the 12th most traded cryptocurrency over the past 24 hours.
Moreover, AMBCrypto’s analysis of Santiment data shows that market sentiment toward FIL has turned positive. The last spike in market sentiment was seen six weeks ago.
Mentions of the coin also surged on popular cryptocurrency-focused social channels, increasing awareness and ownership.
Source: Santiment
While analyzing the price trajectory of FIL, renowned technical analyst Ali Martinez marked $8.5 as the next barrier for the coin.
Martinez predicted.
“Successfully breaking through this barrier can significantly enhance security. FILThe price of could potentially triple its value, reaching $25.5.”
this was the trigger
A key driver of the ongoing rally has been its partnership with Solana (SOL), a leader in smart contracts and decentralized apps (dApps).
As AMBCrypto previously reported, Solana will use Filecoin to store blockchain records, making them more accessible to users who need access to the records. This landmark transaction reflected the shift from centralized storage solutions to blockchain-based alternatives.
Speculation about FIL rises
The price rise has caught the attention of derivatives traders. Open interest (OI) in FIL futures has soared to a 26-week high, according to AMBCrypto’s analysis of Coinglass data.
As of this writing, OI had doubled in just one week to $345 million.
Source: Coinglass
How much is 1,10,100 FIL worth today?
As can be seen from the long/short ratio, the number of bullish bets on the coin has increased.
Most positions were dominated by short sellers, but the situation could turn if the rally continues.
Source: Coinglass